Friday, March 29

Tag: Hamleys acquisition

RIL Acquires British Toy maker Hamleys for $88.6 Million
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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 Relianc...