Mukesh Ambani buys iconic British toy store chain Hamleys

DNALive24 : Mumbai
Mukesh Ambani, the richest man in Asia, has signed another deal to expand his retail network and intensify the fight between Inc. and Walmart Inc. in India.

Reliance Brands Ltd. Agrees to accept Hamley, the 259-year-old British toy retailer of C. Banner International Holdings Ltd. to acquire for an undisclosed amount, said the group Ambani Reliance Industries Ltd. End of thursday with. This agreement would make "Reliance Brands a dominant player in the retail sale of toys in the world," he said.

For Hong Kong-listed company, BCBanner, the sale would be a withdrawal from the UK after the Chinese company announced last year its intention to acquire a majority stake in House of Fraser, one of International Sports Direct Plc. Saved chain of department stores, had dropped. In 2015, C. Banner paid £ 100 million ($ 130 million) to Hamleys, founded in 1760, which opened its flagship store in London in 1881. Ambani networks a network of partners through acquisitions or acquisitions in competition with Amazon and Walmart for part of the growing online online shopping market in India, which Morgan Stanley estimates is expected to reach $ 200 billion dollars by 2028.

This acquisition is the latest in a series of acquisitions of Ambanis' consumer business, which will add nearly as much to the conglomerate's overall profits by the end of 2028 as its core business in the consumer electronics industry. energy in 18 countries. The company is already a major franchisee of the toy industry in India, where it operates 88 branches. The small offers behind the offer of Mukesh Ambani to include it with Amazon.

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