Reliance, owned by billionaire Mukesh Ambani, is buying Hamleys from its Chinese owner C Banner International for around £68 million ($88 million).
The deal, announced late on Thursday, will give Ambani complete control of Hamleys’ 167 stores in 18 countries. Reliance already owns the rights to the brand in India, where it operates 88 Hamleys franchise stores.
“The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail,” Reliance Brands CEO Darshan Mehta said in a statement, describing it as a “long cherished dream come true.”
In a speech in January, he outlined plans to leverage that digital clout to take the Reliance Retail brand — one of India’s biggest — online in the near future.
By purchasing Hamleys — a renowned 259-year-old British retailer whose flagship outlet on London’s Regent Street is also a tourist attraction — Ambani may also be setting himself up to take on rivals way beyond India.
Source : Nbcnewyork