Reliance Brands President and CEO Darshan Mehta said the world-wide acquisition of the iconic Hamleys brand and business places Reliance into the front-line of global retail
New Delhi: Reliance Brands Limited, a subsidiary of Reliance Industries, said Thursday it will acquire British toy brand Hamleys for an undisclosed amount.
The Reliance Industries Ltd (RIL) group firm and C Banner International Holdings Thursday signed a definitive agreement for Reliance Brands to acquire 100 per cent shares of Hamleys Global Holdings Limited, Reliance Brands said in a statement.
This acquisition will catapult Reliance Brands to be a dominant player in the global toy retail industry, the company said.
Hamleys, owned by Hong Kong-listed C Banner International Holdings, has 167 stores across 18 countries. In India, Reliance has the master franchise for Hamleys and presently operates 88 stores across 29 cities.
Reliance Brands President and CEO Darshan Mehta said the world-wide acquisition of the iconic Hamleys brand and business places Reliance into the front-line of global retail.
Personally, it is a dream come true, he added.
"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 said.
Hamleys opened it flagship Regent Street London store in 1881. This flag-ship store is set over seven floors covering 54,000 sq ft, with over 50,000 lines of toys on sale. It is considered one of London's prominent tourist attractions, receiving over 5 million visitors each year.