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259-Year-Old British Toy-Making Giant Hamleys To Be Acquired By Reliance Industries In £67.96 Million Deal
A Hamleys store in Malmö, Sweden. (Pic by Jin Zan via Wikipedia)
Bringing an end to speculations, Reliance Industries led by billionaire Mukesh Ambani on Thursday (9 may 2019) announced that it will be acquiring the iconic British toy maker Hamleys for £67.96 million (approximately Rs 620 crore) in an all-cash deal, reports The Economic Times.
Presently owned by the Chinese fashion conglomerate C banner International, the 259-year-old toy maker had been facing a financial crunch with its profits falling in recent times. The company had reported an after-tax profit of £2.44 million in 2018 after sustaining a loss of £11.24 million in 2017.
The Hamleys brand presently runs 167 stores across 18 countries like the United Kingdom (UK), India, China, Russia, Germany, South Africa, etc. It also must be noted here that Hamleys already had a pan-India franchise agreement with Reliance Retail, Mukesh Ambani's flagship retailer, to merchandise its famous toys.
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