It's Official! Hamleys now a Reliance Industries propertyNH Bureau Friday, 10 May 2019 08:33:40 AM 59 seconds
India's Reliance Industries on Thursday acquired British toy retailer Hamleys for an undisclosed amount.
The Reliance bought it from Hong Kong-listed C Banner International Holdings, who had acquired it in 2015 for a price tag of 100 million pounds ($130.2 million). So for obvious reasons, the current selling price should be more than that.
This is also Mukesh Ambani-owned Reliance's first ever international acquisition of an international brand.
“The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail,” said Darshan Mehta, chief executive of Reliance Brands.
Reliance Retail has the licence to sell Hamleys products in India.
Hamleys was founded way back in 1760s. It resonates with a sense of nostalgia for adults and children alike, with its flagship Regent Street store in Central London recognised around the world.
The company have around 167 stores spreaded in 18 countries, the majority of stores are in India. Reliance, which owns the master franchise, operates 88 Hamleys stores across 29 Indian cities.
The group’s retail business doubled revenue to 356 billion Indian rupees ($5.1 billion) in the three months to Dec. 31 while earnings before interest and tax more than tripled to 15 billion rupees.
($1 = 70.2100 Indian rupees)
($1 = 0.7683 pounds)