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Hamleys: India's richest man Mukesh Ambani buys an iconic toy shop



Hamleys shop and brand logo in LondonCopyright copyright
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Hamleys is the world's oldest toy retailer

India's richest man Mukesh Ambani has bought Hamleys, the British toy retailer, for an undisclosed sum.

Reliance Brands Limited, owned by Mr Ambani, said he had signed an agreement to buy the Chinese company C Banner International which had been acquired in 2015.

Founded in 1760, Hamleys is the world's oldest toy retailer and has 167 stores across 18 countries.

Reliance Industries already operates 88 Hamleys stores across 29 Indian cities.

According to Forbes, the 62-year-old 62-year-old is worth $ 50.7bn.

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"The global procurement of Hamleys iconic brand …. is indeed a true dream," said Darshan Mehat, CEO of Reliance Brands Limited, in a statement.

Last year Hamleys reported a £ 9.2m loss, blaming Brexit and the threat of terrorism for the downturn.

He had opened four shops in the UK but later closed two.

However, its flagship store in Regent Street London, which opened in 1881, remains one of the main attractions of the city.

Set over seven floors, it is estimated that it has 50,000 lines for sale.


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