Reliance Brands, a division of Reliance Industries, has acquired the British toy retailing firm, Hamleys for INR 620 crore; the acquisition was an all-cash deal.
Earlier in May, Reliance Brands has signed a concord to purchase 100 per cent stakes in Hamleys from the Chinese company, C.banner International, according to a media report.
Reliance Brands has completed the acquisition of 100 per cent stake of Hamleys Global Holdings (HGHL) through a special purpose vehicle company set up in the United Kingdom for cash consideration of GBP 67.96 million, Reliance Industries said in a BSE filing, as reported by the daily news, The Economic Times.
The British toy retailer, Hamleys was established in 1760, London and is currently one of the oldest toy retailers in the world. The retailer has changed hands many times.
In 2015, the Chinese company, C.banner has bought Hamleys for GBP 100 million but later in 2018, the company decided to sell Hamleys as its strategic review.
In the present time, Hamleys has 167 stores in 18 nations. In India, Reliance Retail owns the master franchise of Hamleys and manages 88 stores in 29 cities.