Published On: Sat, May 11th, 2019

Mukesh Ambani acquied Hamleys as “Hamleys Reliance” from the Famous Toy Company.

By: India 24×7 News
03:28 PM, May 9, 2019

India’s wealthiest man Mukesh Ambani purchased an undisclosed amount from the famous British toy retailer Hamleys.

The British Game : Reliance Acquires Hamleys

Reliance Brands Limited, owned by Mr Ambani, said it had signed an agreement to purchase the business from China’s C Banner International that purchased the business in 2015.

Founded in 1760, Hamleys is the oldest toy retailer in the world and has 167 shops in 18 nations.

Reliance Industries already has 88 Hamleys shops in 29 towns across India.

The 62-year-old Mr Ambani is worth $50.7bn, Forbes says.

“Worldwide purchase of the iconic Hamleys brand …. is a long-established dream come true,” said Darshan Mehta, Reliance Brands Limited’s CEO in a declaration.

Hamleys reported loss of £ 9.2 million last year, blaming Brexit and the terrorist threat for the downturn. It opened four shops in the United Kingdom but later closed two.

However, its flagship store at London’s Regent Street, opened in 1881, remains one of the main attractions of the city. It has an estimated 50,000 lines of toys on sale over seven floors.

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