Mumbai: Reliance Brands, a subsidiary of Reliance Industries, has completed the acquisition of the iconic British toy retailer Hamleys.
"We hereby inform that Reliance Brands Limited, subsidiary of Reliance Industries Limited, has completed the acquisition of 100 per cent stake of HGHL through a special purpose vehicle company set up in the United Kingdom for cash consideration of GBP 67.96 million," Reliance Industries said in a regulatory filing on Thursday.
On May 9, Reliance Industries had announced the signing of a definitive agreement for Reliance Brands to acquire 100 per cent share of Hamleys Global Holdings Ltd, the owner of the Hamleys brand from Chinese fashion wear firm C Banner International. The deal value when the agreement was signed was around Rs 620 crore in Indian currency.
The acquisition gives the Indian acquirer complete control of Hamleys retail operations spread over 167 stores across 18 countries.
Hamleys Global is named after William Hamley, who founded a toy shop called 'Noah's Ark' in London, in 1760. Ownership of the shop passed through the family and by 1837 when Hamley's grandsons operated the store, it had become famous. People belonging to the royalty and nobility were among its customers.
C Banner International acquired Hamleys in 2015 in a 100 million pound deal. Hamleys opened its first flagship Regent Street London store in 1881.
The purchase of the global toy-making major would be a major boost for Reliance Retail's global ambitions and its annual growth target of 30 per cent for a decade.