Reliance Brands, a subsidiary of Reliance Industries, has signed a definitive agreement with C Banner International, a Hong Kong-listed company, to acquire 100 percent shares of toy retailer Hamleys.
Moneycontrol broke this story on April 17.
The size of the acquisition was not disclosed.
Founded in 1760, Hamleys is the oldest and largest toy shop in the world with 167 stores in 18 countries. In India, Reliance operates Hamleys franchises, from 88 stores across 29 cities.
The move is set to place Reliance as a dominant player in the global toy retail industry, the release said.
Calling it a long cherished dream, Darshan Mehta, President and CEO of Reliance Brands, said, "We have built a very significant and profitable business in toy retailing under the Hamleys brand in India. This worldwide acquisition places Reliance on the frontline of global retail."
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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