INSUBCONTINENT EXCLUSIVE:
Acquisition gives Reliance Brands control of Hamleys retail operations spread across 18 countries.Reliance Industries' subsidiary, Reliance
Brands, has acquired 100 per cent stake in the iconic British toy retailer Hamleys, the company said in an exchange notification
"We hereby inform that Reliance Brands Limited, subsidiary of Reliance Industries Limited, has completed acquisition of 100 per cent stake
of Hamleys Global Holdings Limited (HGHL) through a special purpose vehicle company set up in United Kingdom for cash consideration of 67.96
million pounds," Reliance Industries said in a regulatory filing on Thursday.On May 9, Reliance Industries had signed 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
major boost for Reliance Retail's global ambitions and its annual growth target of 30 per cent for a decade.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.(With inputs from IANS)Get Breaking news, live coverage, and
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