Reliance Brands Completes Acquisition Of Hamleys

Reliance Brands, a subsidiary of Reliance Industries Ltd., has completed acquisition of British toy retailer Hamleys for £67.96 million (about Rs 620 crore) in an all-cash deal.

In May this year, Reliance Brands had signed an agreement to acquire 100 percent stake in Hamleys Global Holdings from Hong Kong-based C.banner International.

Reliance Brands has completed acquisition of 100 percent stake of Hamleys Global Holdings through a special purpose vehicle company set up in United Kingdom for cash consideration of £67.96 million, Reliance Industries said in an exchange 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 £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.