Tuesday 21 May 2019

Asia's richest man buys Hamley's toy chain

Hamleys toy shop on Regent Street, central London. The toy chain has been bought by India’s richest man Mukesh Ambani
Hamleys toy shop on Regent Street, central London. The toy chain has been bought by India’s richest man Mukesh Ambani

PR Sanjai

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.

Bloomberg

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