Reliance Brands completes acquisition of Hamleys1 min read . Updated: 18 Jul 2019, 01:28 PM IST
- The toy store was earlier owned by Hong Kong-based C.banner International
- Reliance Brands in May had signed an agreement to acquire 100% stake in Hamleys
New Delhi: Reliance Brands, a subsidiary of Reliance Industries, has completed acquisition of British toy retailer Hamleys for about ₹620 crore (GBP 67.96 million) in an all-cash deal.
In May this year, Reliance Brands had signed an agreement to acquire 100% stake in Hamleys Global Holdings from Hong Kong-based C.banner International.
Reliance Brands has completed acquisition of 100% stake of Hamleys Global Holdings (HGHL) through a special purpose vehicle company set up in United Kingdom for cash consideration of GBP 67.96 million, Reliance Industries said in a BSE filing on Thursday.
Hamleys, founded in London in 1760, is one of the world's oldest retailers of toys and has changed hands several times.
In 2015, China's C.banner International had acquired Hamleys in a GBP 100-million deal. In October last year, Sky News reported that C.banner International, which is listed on the Hong Kong Stock Exchange, had launched a strategic review of loss-making Hamleys and was looking to sell it.
Hamleys has 167 stores across 18 countries. In India, Reliance Retail had the master franchise for the brand and operates 88 stores across 29 cities.
This story has been published from a wire agency feed without modifications to the text.