Hamleys, the world's oldest toy retailer, is set to pass from Chinese to In...
MUMBAI/HONG KONG - Hamleys, the world’s oldest toy retailer, is set to pass from Chinese to Indian control after Reliance Industries Ltd said it had agreed to buy the British high street icon.
The Chinese group bought Hamleys in 2015 for 100 million pounds from France’s Groupe Ludendo, but its enthusiasm for British acquisitions has since cooled. Last year, it dropped plans to buy 51% of House of Fraser, sending the U.K. department store chain into administration. “The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail,” said Reliance Brands Chief Executive Darshan Mehta.
Having established itself as India’s leading mobile telecoms player, Reliance Industries has been firming up plans for a retail onslaught to combine its traditional outlets with an online foray aimed at taking on Amazon.com Inc and Walmart Inc in India.
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