Asia's richest man buys Hamley's toy chain
Asia's richest man, Mukesh Ambani, has sealed another deal to expand his retail footprint and add heft in a battle with Amazon and Walmart in India.
Reliance Brands agreed to purchase the 259-year-old British toy-store chain Hamleys from C Banner for almost £68m (€60m) in cash. The transaction would transform it into a "dominant player in the global toy retail industry," it said. The acquisition is the latest in a string of purchases as Ambani combines bricks-and-mortar stores with online investments to counter the US giants. The billionaire is stitching together a network through stake purchases or outright acquisitions in India's online shopping market, which Morgan Stanley estimates will be worth $200bn by 2028. Adding Hamleys gives Reliance 167 stores in 18 countries.