Reliance Brands acquired British toy major Hamleys | 269 years old company| A cash deal of 68 million Euro
Mukesh Ambani-led Reliance Brands (a subsidiary of RIL) acquired British toy major Hamleys for £68 million ($88.6 million approx).
Reliance Brands signed a definitive agreement to acquire a 100 percent stake in Hamleys Global Holdings Limited from Hong Kong-based C Banner International for a cash consideration of GBP 67.96 million, Reliance said in a statement.
- Hamleys is the most iconic toy brand. It is 259 years old, founded in 1760.
- Hamleys has 167 stores across 18 countries. While in India, Reliance Lifestyle Holdings (Indian franchise of Hamleys toys) has already 88 stores in 29 cities.
In a statement, Darshan Mehta, President and CEO of Reliance Brands, said,
“Over the last few years, we have built a very significant and profitable business in toy retailing under the Hamleys brand in India. The worldwide acquisition of the iconic Hamleys brand and business, places Reliance into the frontline of global retail.”
According to various media reports, the toy brand was delisted from the London Stock Exchange (LSE) in 2003, in the same year when an Icelandic investment firm Baugur Group had bought the company.
The British giant was also reporting losses until recently. RIL’s regulatory filings show the Hamleys reported net profit £ 2.44 million ($ 3.13 million) in FY18 after reporting losses of £ 11.24 million ($ 14.8 million) in 2017.