Mukesh Ambani takes over popular British toy retailer- Hamleys

Hamleys

In the latest news, Mukesh Ambani, the business magnate and one of India’s richest men has bought the Hamleys chain. The sum has not been revealed. Reporters allege of an agreement which was signed by Reliance Brands Limited. The agreement enabled Ambani’s company to take over the legendary British toy retailer from China’s C Banner International. The decisive agreement will allow Ambani’s company to gain possession of 100 percent shares of Hamleys Global Holdings Ltd. The Chinese fashion company C Banner International had obtained Hamleys in 2015 allegedly for 100 million pounds.

Hamleys has the reputation of being the world’s oldest toy retailers. It was established in 1760 and has branches across eighteen countries with around 167 stores worldwide. However, the iconic brand had lately been facing adversaries of Brexit. It had opened four stores around the UK, two of which were shut down. Reports of an alleged loss of £9.2m had made the rounds then. Previously in 2003, Hamleys was also scraped from the London Stock Exchange (LSE). In an earlier incident, the company was bought for USD 68.8 million by Baugur Group, an Icelandic investment firm. Reports allege that Hamleys was in another incident sold for USD 78.4 million in 2012 to Groupe Ludendo of France.

One of Hamleys oldest store in London was established in 1881 in Regent Street and continues to draw tourists from around the world. It is a massive store of seven floors and retails around 50,000 toys. Mukesh Ambani already runs 88 Hamleys store across 29 cities in India. In a statement, the CEO of Reliance Brands Limited, Darshan Mehat said, “The worldwide acquisition of the iconic Hamleys brand is a long cherished dream come true.”