Reliance to acquire British toy-maker Hamleys for Rs 620 cr
New Delhi, May 9: Mukesh Ambani-led Reliance Industries Thursday announced it will acquire iconic British toy-maker Hamleys for 67.96 million pounds (around Rs 620 crore) in an all-cash deal.
Hamleys, a 259-year-old toy-maker, has struggled to generate profits in recent times. It reported a profit after tax of 2.44 million pounds in 2018 after suffering a loss of 11.24 million pounds in 2017.
It is currently owned by Chinese fashion conglomerate C Banner International, which had acquired it for 100 million pounds in 2015. C Banner also owns the Chinese units of marquee consumer retail brands such as Steve Madden and Sundance.
"Reliance Brands Ltd, a subsidiary of Reliance Industries, and C Banner International Holdings, a Hong Kong-listed company, today signed a definitive agreement for Reliance Brands to acquire 100 per cent shares of Hamleys Global Holdings Ltd, the owner of Hamleys brand, from C Banner International," the company said in a statement.
Reliance Brands would acquire 100 per cent equity shares of "Hamleys Global Holdings Limited (HGHL) for a cash consideration of GBP 67.96 million", RIL said in a BSE filing.
Hamleys started with a single-store shop, Noah's Ark, in 1760. It now has 167 stores across 18 countries. Besides the UK, it has stores in China, Germany, Russia, India, South Africa and West Asia.
Reliance Retail, Ambani's flagship retailer, already has a pan-India franchise agreement with Hamleys to merchandise its famous toys.
This acquisition will catapult Reliance Brands to be a dominant player in the global toy retail industry, the company said in a statement.
In India, Reliance has the master franchise for Hamleys and presently operates 88 stores across 29 cities.
Reliance Brands President and CEO Darshan Mehta said the worldwide acquisition of the iconic Hamleys brand and business places Reliance on the front-line of global retail.
Personally, it is a dream come true, he added.
"Over the last few years, we have built a very significant and profitable business in toy retailing under the Hamleys brand in India. This 250-year-old English toy retailer pioneered the concept of experiential retailing, decades before the concept of creating unique experiences in brick and mortar retailing became the new global norm," Mehta said.
Hamleys was delisted from the London Stock Exchange (LSE) in 2003 when it was taken over by Icelandic investment firm Baugur Group for USD 68.8 million. In 2012, it was sold for USD 78.4 million to Groupe Ludendo of France.?
Hamleys opened it flagship Regent Street London store in 1881. This flagship store is set over seven floors covering 54,000 sq ft, with over 50,000 lines of toys on sale. It is considered one of London's prominent tourist attractions, receiving over 5 million visitors each year.
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Might of Indian military felt in Rawalpindi: Rajnath Singh on Operation Sindoor
New Delhi, May 11 (PTI): Under Operation Sindoor, Indian armed forces not only struck Pakistani military bases near the border but their might was even felt in Rawalpindi where the headquarters of the Pakistani Army is located, Defence Minister Rajnath Singh said on Sunday.
He said the Indian military has punished anti-India forces and terrorists who had wiped off the vermilion of many families through the Pahalgam terror attack.
Speaking virtually at an event in Lucknow to inaugurate a BrahMos production unit, the defence minister said Operation Sindoor is not just a military action, but a symbol of India's political, social and strategic will against terrorism.
Operation Sindoor was launched on early May 7 to destroy nine terror infrastructures in Pakistan and Pakistan-occupied-Kashmir in retaliation to the Pahalgam terror attack. All subsequent retaliations to Pakistani offensives were carried out under Operation Sindoor.
India and Pakistan on Saturday announced reaching an understanding to stop all firings and military actions on land, air and sea, with immediate effect.
Singh said the entire country is "congratulating the Indian military for success of the operation.
"This operation is a demonstration of India's strong will against terrorism and also the capability and determination of the military power," he said.
"We have shown that whenever India takes any action against terrorism, even the land across the border will not be safe for the terrorists and their masters," he said.
Singh said Indian forces launched Operation Sindoor with the aim of destroying the terrorist infrastructure in Pakistan.
"We never targeted their civilians. But Pakistan not only targeted civilian areas of India but also tried to attack temples, gurudwaras and churches," he noted.
"The Indian Army has displayed valour and courage as well as restraint and has given a befitting reply by attacking many of Pakistan's military bases," he said.
"We not only took action against the military bases near the border but the threat of Indian forces was felt even in Rawalpindi where the headquarters of the Pakistani army is located," he added.
The defence minister said the whole world saw the consequences of committing and getting terrorist incidents carried out in India.
After the Uri incident, our army entered Pakistan and carried out surgical strikes, after the Pulwama attack, we carried out Balakot air strikes, and now the world is seeing how India entered Pakistan and carried out multiple strikes following the Pahalgam attack, he said.
"Following the policy of zero tolerance against terrorism, our Prime Minister Narendra Modi has made it clear that this is the new India which will take effective action against terrorism on both sides of the border," he said.
