32.2 C
Delhi
Monday, May 25, 2020

Reliance Retail in talks to acquire Hamleys

Reliance Retail in talks to acquire HamleysIn what could prove to be major global takeover, RIL-owned Reliance Retail is in talks to acquire the iconic 259-year-old toy brand Hamleys.

Hamleys is currently owned by a Chinese fashion wear company, C.Banner.

- Advertisement -

The purchase of the global toy-making major, which has its flagship store on London’s Regent Street, would the be a major boost for Reliance Retail’s global ambitions and its annual growth target of 30 per cent for a decade.

Sources said the talks are at an advanced stage and the RIL-owned company is aggressively pursuing the deal.

Reliance Industries, however, described the reports as media speculation.

An RIL spokesperson told IANS: “As a policy, we do not comment on media speculation and rumours. Our company evaluates various opportunities on an ongoing basis.”

“We have made and will continue to make necessary disclosures in compliance with our obligations under Securities Exchange Board of India and our agreements with the stock exchanges.”

The company 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.

Over the years, its global footprint has grown with stores across the globe opening and the company changing several ownership hands before being taken over by C. Banner in 2015.

Of late, the toy company has struggled financially due to uncertainties owing to Brexit and economic slowdown in the UK.

Reliance Retail might help grow Hamley’s business with its supply chain management and distribution network if the deal goes through.

 

IANS

Total Cases

Active Cases

Recovered

Deaths

131869

             73560

54440

3867

Covid 2019 India Stats Overview. Source: Ministry of Health and Family Welfare. Updated: 24 May 2020, 08:00

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Five conditions outlined to conduct 10th, 12th board exams

New Delhi, May 20 (IANS) The Ministry of Home Affairs (MHA) on Wednesday allowed to conduct the pending board...

Mandatory 14 days quarantine guidelines for internatioal arrivals

New Delhi, May 25 (IANS) The Union Ministry for Health and Family Welfare has come up with guidelines for international arrivals into India through...

71% prefer domestic travel, only 1.4% wish to go abroad

New Delhi, May 25 (IANS) A survey by the Confederation of Indian Industry (CII) has shown that around 71 per cent people in the...

Retail trade lost Rs 9 lakh cr of business in 60 days: CAIT

New Delhi, May 25 (IANS) India''s retail trade lost business of around Rs 9 lakh crore during the past 60 days of the nationwide...

Television actors battle to survive lockdown blues

New Delhi, May 25 (IANS) As the television industry remains paralysed by lockdown, many actors and workers are scared. Non-payment of dues by many...

More Articles Like This