Reliance Brands, a subsidiary of India-based Reliance Industries, has signed a definitive agreement to acquire 100% interest in British toy retailer Hamleys Global Holdings (HGHL) for an all cash consideration of £67.96m ($88.32m).
The deal, signed with Hong Kong-listed C Banner International Holdings, is expected to strengthen Reliance Brands’ presence in the global toy retail market.
HGHL operates its toy retail business under the Hamleys brand. It currently operates 167 locations across 18 countries. The Indian business of the Hamleys brand is currently operated by Reliance Lifestyle Holdings, which operates 88 stores across 29 cities in the country.
Reliance Brands president and CEO Darshan Mehta 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.”
Based in England and Wales, Hamleys opened its first store at Regent Street in London in 1881. Spread across 54,000ft2 of space, the London store currently offers more than 50,000 kinds of toys to customers.
Reliance Brands currently operates more than 420 stores and 250 shop-in-shops across the country.
In July last year, Reliance Industries announced plans to focus on last-mile delivery for its planned online marketplace.