Reliance Industries has bought Hamleys, a British toy-maker firm for a sum of INR 620 crore. The toy-maker company is a 259-years -old and has been acquired as the company was grappling to make profits.
At present, Hamleys is owned by C Banner International, a Chinese Conglomerate company. C Banner had bought the company for INR 909 crore in 2015. The company runs the Chinese business units of Marquee brands such as Sundance and Steve Madden.
"Reliance Brands Ltd, a subsidiary of Reliance Industries, and C Banner International Holdings, a Hong Kong-listed company, today signed a definitive agreement for Reliance Brands to acquire 100 per cent shares of Hamleys Global Holdings Ltd, the owner of Hamleys brand, from C Banner International," Reliance Industries said in a statement, as reported by the Indian daily news, India Times.
Over the last few years, we have built a very significant and profitable business in toy retailing under the Hamleys brand in India. This 259-year-old English toy retailer pioneered the concept of experiential retailing, decades before the concept of creating unique experiences in brick and mortar retailing became the new global norm,", Reliance Brands President and CEO, Darshan Mehta told the Indian daily news, India Times.