Reliance Brands Limited, a subsidiary of Reliance Industries
, and C Banner International Holdings, a Hong Kong-listed company, signed a definitive agreement for Reliance Brands to acquire 100% shares of Hamleys Global Holdings Ltd, the owner of the Hamleys brand, from C Banner International.
Reliance Industries said it will acquire iconic British toy-maker Hamleys for 67.96 million pounds (~Rs620cr) in an all-cash deal.
In India, Reliance has the master franchise for Hamleys and currently operates 88 stores across 29 cities. This acquisition will catapult Reliance Brands to be a dominant player in the global toy retail industry, the company said in the filing.
Founded in 1760, Hamleys has over 250 years of celebrated history of being the oldest and largest toy shop in the world and bringing smiles to children all over the world by bringing toys to life. Hamleys truly represents a unique model leveraging the quality and wide range of its toys, combined with the theatre, entertainment and its retail experience. Globally, Hamleys has 167 stores across 18 countries.
Commenting on the development, Darshan Mehta, President and CEO of Reliance Brands, said, "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. The worldwide acquisition of the iconic Hamleys brand and business places Reliance on the frontline of global retail. Personally, it is a long cherished dream come true."