RIL Acquires British Toy maker Hamleys for $88.6 Million
New Delhi: Mukesh Ambani-led Reliance Industries announced it will acquire iconic British toy-maker Hamleys for 67.96 million pounds (around $88.6 million) 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 2.44 million pounds in 2018 after suffering a loss of 11.24 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. C Banner also owns the Chinese units of marquee consumer retail brands such as Steve Madden and Sundance.
"Reliance Brands Ltd, a subsidiary of Reliance Industries, and C Banner International Holdings, a Hong Kong-listed company, today signed a definitive agreement for Reliance...