Reliance Industries in Discussions to Purchase British toymaker Hamleys Report
The Report said if the deal went through, Reliance Retail plans to improve the geographical footprint of the toymaker in India to about 200 shops during the next 3 decades. Reliance Retail now has the license to sell Hamley’s goods in India. Bengaluru: Reliance Industries Ltd is currently in talks to purchase British toys store chain Hamleys, business news web site Moneycontrol reported on Wednesday citing many resources, as the Indian conglomerate seeks to enlarge his fingerprint in the consumer area. Reliance Retail, the retail arm of billionaire Mukesh Ambani owned Reliance Industries, is aggressively pursuing the deal, the website offered one of the sources like saying.
Due diligence is in advanced phases, the web site reported, adding that when the deal went through, Reliance Retail planned to improve the geographical footprint of the 259-year-old toymaker in India to about 200 stores over the next 3 years from around 50 now. Reliance Retail now has the license to sell Hamley’s goods in India. Sky News reported last October that the Chinese fashion retailer C.banner International Holdings, which purchased Hamleys for £, 100 million in cash in 2015, it was seeking sell it after registering big losses. Reliance Industries declined to comment on media speculation and rumors, and Hamleys and C.banner didn’t instantly respond to Reuters requests for comment. The conglomerate’s approach to diversifying beyond refining and petrochemical showed results last quarter, while its rapidly growing telecom and businesses drove gain into new highs despite its own refining margins taking a hit amid volatility in oil prices and slowing down demand globally. The team’s retail business saw earnings double to 35, 600 crores during that period, while earnings up percent and earnings tripled to Rs1, 500 crores.