Reliance purchases world’s oldest global toy retailer Hamleys

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Reliance purchases world’s oldest global toy retailer Hamleys

India’s tech-to-petroleum conglomerate, Reliance Industries has taken over the world’s oldest and largest toy shop, Hamleys, founded by William Hamleys back in 1760 in High Holborn, London, the Mumbai-based Indian conglomerate had unveiled on Thursday, the 9th of May 2019.

The latest move of billionaire Mukesh Ambani’s Reliance Industries had largely been part of a transformation, as the owner of the world’s biggest single-location crude oil refinery based on Western India, Reliance Industries, had gradually been shifting itself into a more consumer-oriented business mogul through its telecom and retail ventures.

According to the deal, the purchase was made through one of Reliance’s subsidies, on which the company had signed an acquisition agreement with Hong Kong-listed C Banner International Holdings, however, Reliance had not yet disclosed the financial terms of the deal, but, back in 2015, C Banner had purchased the Hamleys from French Groupe Ludendo for about 100 million pounds.

In point of fact, the latest takeover had been the first overseas retail venture of billionaire Mukesh Ambani-owned Reliance Industries, while expressing an out-and-out optimism over the acquisition, the Reliance Brands’ Chief Executive, Darshan Mehta said, “The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail”.