Dear Reader, Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. We, however, have a request. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed. Support quality journalism and subscribe to Business Standard. Digital Editor<doc-sep>British toy brand Hamleys (File photo) Key Highlights Hamleys started with a single-store shop, Noah’s Ark, in 1760 and now has 167 stores across 18 countries Besides the UK, it has stores in China, Germany, Russia, India, South Africa and West Asia NEW DELHI: The Mukesh Ambani-led Reliance Industries on Thursday announced it will acquire iconic British toy maker Hamleys for nearly 68 million pounds (around Rs 620 crore) in an all-cash deal. Hamleys, a 259-year-old toy maker, has struggled to generate profits in recent times. It reported a profit after tax of 2.4 million pounds in 2018 after suffering a loss of 11.2 million pounds in 2017. It is currently owned by Chinese fashion conglomerate C Banner International, which had acquired it for 100 million pounds in 2015. “Reliance Brands, a subsidiary of Reliance Industries, and C Banner International Holdings, a Hong Konglisted company, today signed a definitive agreement for Reliance Brands to acquire 100% shares of Hamleys Global Holdings, the owner of Hamleys brand, from C Banner International,” the company said. Hamleys started with a single-store shop, Noah’s Ark, in 1760. It now has 167 stores across 18 countries. Besides the UK, it has stores in China, Germany, Russia, India, South Africa and West Asia. Reliance Retail, Ambani’s flagship retailer, already has a pan-India franchise agreement with Hamleys to merchandise its famous toys. This acquisition will catapult Reliance Brands to be a dominant player in the global toy retail industry, the company said in a statement. In India, Reliance has the master franchise for Hamleys and currently operates 88 stores across 29 cities.<doc-sep>India’s Reliance Industries has acquired British toy retailer Hamleys, the energy-to-telecoms conglomerate said on Thursday. Reliance Industries, which runs the world’s biggest single-location crude oil refinery in western India, has been gradually transforming itself into a consumer-facing behemoth through its retail and telecoms ventures. Through its Reliance Brands subsidiary, the company signed an agreement to buy Hamleys from Hong Kong-listed C Banner International Holdings. Reliance did not disclose the price, but in 2015 C Banner had bought it for 100 million pounds ($130.2 million) from France’s Groupe Ludendo. The acquisition marks the first foray of billionaire Mukesh Ambani-owned Reliance Industries in an overseas retail brand. “The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail,” said Darshan Mehta, chief executive of Reliance Brands. Reliance Retail has the licence to sell Hamleys products in India. Founded in 1760, Hamleys resonates with a sense of nostalgia for adults and children alike, with its flagship Regent Street store in Central London recognised around the world. Hamleys has withstood global recessions, and world war bombings and has changed hands several times, the latest being the 2015 sale by Groupe Ludendo. The toy seller runs 167 stores across 18 countries, the majority of which are in India. Reliance, which owns the master franchise, operates 88 Hamleys stores across 29 Indian cities. Having established itself as India’s leading telecoms player, Reliance Industries has been firming up plans for a major retail onslaught to combine its traditional outlets with an online foray aimed at taking on Amazon and Walmart in India. It is already the country’s biggest bricks-and-mortar retailer in terms of revenue and number of stores. The conglomerate’s strategy to diversify beyond refining and petrochemicals has began to bear fruit, with its fast-growing telecoms and retail operations driving quarterly profit to record highs despite its gross refining margins taking a hit from oil price volatility and slowing global demand. The group’s retail business doubled revenue to 356 billion Indian rupees ($5.1 billion) in the three months to Dec. 31 while earnings before interest and tax more than tripled to 15 billion rupees. ($1 = 70.2100 Indian rupees) ($1 = 0.7683 pounds)<doc-sep>live bse live nse live Volume Todays L/H More × Shares of Reliance Industries (RIL) gained nearly 2 percent intraday Friday after the company announced acquisition of British toy maker Hamleys. Reliance Brands (RBL), a subsidiary of RIL, has signed a definitive agreement to acquire, subject to terms and conditions stated in the agreement, either by itself or through a direct or indirect wholly-owned subsidiary of, and controlled by, RBL, 100% equity shares of Hamleys Global Holdings for a cash consideration of GBP 67.96 million, Reliance Industries said in BSE filing. Hamleys currently has 167 stores across 18 countries. Reliance Lifestyle Holdings, a subsidiary of the company, runs and operates the Indian franchise of the Hamleys brand and has 88 stores in India. No regulatory approvals are required for this investment. The investment does not fall within related party transactions and none of company’s promoter / promoter group / group companies have any interest in the transaction. At 10:10 hrs Reliance Industries was quoting at Rs 1,267.95, up Rs 12.80, or 1.02 percent on the BSE. Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.<doc-sep>
MUMBAI : Mumbai: Reliance Brands Ltd, a subsidiary of Reliance Industries Ltd , acquired British toy retailer Hamleys for £67.96 million (about ₹620 crore) in an all-cash deal, the company said on Thursday. Reliance Brands signed an agreement to acquire a 100% stake in Hamleys Global Holdings Ltd from Hong Kong-based C.banner International, Reliance Industries said in a statement. Mint reported on 18 April that Reliance Brands was in advanced talks with C.banner to acquire the toy retailer. Hamleys, founded in London in 1760, is one of the world’s oldest retailers of toys and has changed hands several times. It was bought in June 2003 by the Baugur Group, an Icelandic investment company. In the same year, Hamleys was delisted from the London stock market by Baugur Group, which had paid $68.8 million for the company. In 2012, it was sold for $78.4 million to France’s Groupe Ludendo. Hamleys reported losses of £12 million in 2017, when it last reported its financials. Hamleys has 167 stores across 18 countries. In India, Reliance Retail has the master franchise for the brand and operates 88 stores across 29 cities. Darshan Mehta, president and CEO of Reliance Brands, said Thursday, “This worldwide acquisition places Reliance on the frontline of global retail. Personally, it is a long-cherished dream come true." PTI contributed to this story Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!! Topics