Iconic British toy retailer Hamleys has been sold to Reliance Industries, a firm owned by India’s richest man Mukesh Ambani, in a deal worth an estimated £70m.
China’s C Banner International put the retailer up for sale towards the end of last year after a period of poor results. It had bought Hamleys in 2015 from France’s Ludendo Groupe for £100m. Before that, it was owned by the now defunct Icelandic investment group Baugur.
Reliance Brands, a subsidiary of Reliance Industries, already has the master franchise for Hamleys in India where it operates 88 stores across 29 Indian cities.
Acquiring the business gives it access to 167 Hamleys stores across 18 countries – including its flagship site in London’s Regent Street – making it one of the key players in the toy retail industry.
Reliance Brands Chief executive Darshan Mehta 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.”
