Reliance Brands, a subsidiary of Reliance Industries Ltd. (RIL), has signed a definitive agreement with C Banner International, a Hong Kong-listed company, to acquire 100% shares of centuries-old British toy retailer Hamleys for £68 million.
Darshan Mehta, president and CEO, Reliance Brands, said, “Over the last few years we have built a very significant and profitable business in toy retailing under th Hamleys brand in India. The 250-year old English toy retailer pioneered the concept of experiential retailing, decades before the concept of creating unique experience in brick and motor retailing become the new global norm. The worldwide acquisition of new iconic Hamleys brand and business places Reliance in the frontline of global retail. Personally, it is a long cherished dream come true.”
Currently, RIL retail arm Reliance Retail has the licence to sell Hamleys' products in India. Hamleys, founded in 1760, was acquired by China's C Banner International for £100 million in 2015. Hamleys is the oldest and largest toy shop in the world with 167 stores in 18 countries. In India, Reliance has the master franchise for Hamleys and operates through 88 stores in 29 cities.
ADVERTISEMENT