Mukesh Ambani, the richest man in India and the Chairman and Managing Director of Reliance Industries, has bought Hamleys, the oldest and most famous toy store chain in the world.
According to various sources, Reliance has bought Hamleys from China’s C. Banner International, the current owner of the brand, for a sum of 88 million dollars. This will give Reliance on the complete ownership and control over 167 Hamleys stores across 18 countries worldwide. Interestingly, Reliance already operates around 88 Hamleys stores in India.
While Hamleys has been facing troubled times in the recent past, its flagship seven-storey store in London’s Regent Street with more than 50,000 toys is a prominent tourist attraction, receiving around five million visitors annually.
What is Hamleys?
Founded in 1760, Hamleys is the oldest, biggest, and most renowned toystore chains across the world. It is headquartered in London and was founded by William Hamley as ‘Noah’s Ark.’
Right from action toys to dolls, and soft toys to art and craft material, Hamleys has it all.
Who is Mukesh Ambani?
Mukesh Ambani is the Chairman and Managing Director of Reliance Industries Limited, India’s most valuable company. According to Forbes, he is worth $50 billion and is among the richest men in the world. He has consistently featured on the list of the most powerful people across the world. In 2016, he launched Reliance Jio, a mobile network that took India’s hyper-competitive telecom market.
This deal will certainly propel Reliance to become one of the most sought-after players in the global toy industry and will give it a solid global foothold.