Mumbai, Maharashtra: Reliance Industries has acquired British toy retailer Hamleys, the energy-to-telecoms conglomerate said on Thursday.
Reliance Brands, a subsidiary of the Company, has signed a Definitive Agreement to acquire, subject to terms and conditions stated in the Agreement, either by itself or through a direct or indirect wholly owned subsidiary of, and controlled by, RBL, 100% equity shares of Hamleys Global Holdings Limited (HGHL) for a cash consideration of GBP 67.96 million, reported financial news agency Capital Market.
As per a report by Reuters, 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.
The company acquired “Hamleys Global Holdings Limited (HGHL) for a cash consideration of GBP 67.96 million” (nearly Rs 620 crore), RIL said in a BSE filing, reported news agency IANS.
“The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail,” said Darshan Mehta, chief executive of Reliance Brands.
“Over the last few years, we have built a very significant and profitable business in toy retailing under the Hamleys brand in India.
“This 250 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,” Mehta added.
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