Reliance acquires British toy company Hamleys |
Reliance Industries, owned by one of the richest man in asia, Mukesh Ambani, has acquired British toy retailer Hamleys on Thursday. Through its Reliance Brands subsidiary, the company signed an agreement to buy Hamleys from Hong Kong-listed C Banner International Holdings. The acquisition marks the first foray of billionaire Mukesh Ambani-owned Reliance Industries in an overseas retail brand. The worldwide acquisition of the iconic Hamleys brand and business, places Reliance into the frontline of global retail. Hamleys has withstood global recessions, and world war bombings and has changed hands several times, the latest being the 2015 sale by Groupe Ludendo. The toy seller runs 167 stores across 18 countries, the majority of which are in India. Reliance, which owns the master franchise, operates 88 Hamleys stores across 29 Indian cities. Having established itself as India`s leading telecoms player, Reliance Industries has been firming up plans for a major retail onslaught to combine its traditional outlets with an online foray aimed at taking on Amazon and Walmart in India.
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