India's Reliance Industries buys British toy retailer Hamleys

Source: Xinhua| 2019-05-10 12:13:07|Editor: Lu Hui
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MUMBAI, May 10 (Xinhua) -- Reliance Brands Ltd, a subsidiary of India's diversified conglomerate Reliance Industries, signed an agreement with Hong Kong-listed C.Banner International Holdings to acquire 100 percent stake in British toy retailer Hamleys Global Holdings Ltd for 88.46 million U.S. dollars, Reliance said in a statement late Thursday.

In 2015, C.Banner bought the toy company from France Groupe Ludendo for 130.2 million U.S. dollars, media reports said.

Founded in 1760, Hamleys is the worlds' oldest and largest toy shop with 167 stores in 18 countries. In India, Reliance operates Hamleys franchises, from 88 stores across 29 cities.

The move was set to place Reliance as a dominant player in the global toy retail industry, the release said.

Calling it a long-cherished dream, Reliance Brands' Chief Executive Darshan Mehta said, "We have built a very significant and profitable business in toy retailing under the Hamleys brand in India. This worldwide acquisition places Reliance on the frontline of global retail."

In 2018, Hamleys Global reported a consolidated turnover of 81.85 million U.S. dollars and profit after tax of 3.18 million U.S. dollars, according to Reliance notice to the Bombay Stock Exchange.