Reliance gets on frontline of global retail

Reliance Brands Ltd, a subsidiary of Reliance Industries, has signed a definitive agreement to acquire 100% of Hamleys Global Goldings, the oldest and largest toy shop in the world which was founded in 1760.

The agreement, for global ownership, was signed on 9 May with Hong Kong-listed C Banner International Holdings, a Chinese fashion conglomerate and owner of Hamleys.

The acquisition is for Rs.620 crore, according to industry estimates.

“The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail,” said Reliance Brands President and CEO Dharshan Mehta in a statement on 9 May 2019.

“Over the last few years, we have built a very significant and profitable business in toy retailing under the Hamleys brand in India,” he pointed out.

Hemleys opened its flagship Regent Street London store in 1881. The store set over sven floors covering 54,000 ft has more than 50,000 lines of toys on sale. It is a prominent tourist attraction with over five million visitors each year.

Children and teens from all over the world visit the store for its yeaer-round events, parades, demonstrations and elaborate displays.

However, Hamleys has just about managed an after-tax profit of £2.44 million in 2018, recovering from a loss of £11.24 million in 2017. fiinews.com