Mukesh Ambani led Reliance Industries has acquired British toy retailer Hamleys for around Rs 620 crore.
Hamleys is a 259-year-old toy-maker company that has strived to generate profits in recent times.
Hamleys is currently taken by the Chinese fashion conglomerate C Banner International, which had earned it for 909 crore in 2015. C Banner also holds the Chinese sections of marquee consumer retail brands such as Steve Madden and Sundance.
“Over the last few years, we have developed a very notable and profitable business in toy retailing under the Hamleys brand in India. This 259-year-old English toy retailer pioneered the idea of experiential retailing, decades before the concept of creating unique experiences in brick and mortar retailing became the new global norm,” Darshan Mehta, Reliance Brands President and CEO, stated.