A day ahead of its June quarter earnings, Mukesh Ambani-led Reliance Industries on Thursday said that it has completed the acquisition of British toy retailer Hamleys for about Rs 620 crore (GBP 67.96 million) in an all-cash deal.
"Reliance Brands has completed the acquisition of 100 per cent stake of Hamleys Global Holdings (HGHL) through a special purpose vehicle company set up in the United Kingdom for cash consideration of GBP 67.96 million," Reliance Industries said in a filing to the Bombay Stock Exchange on Thursday.
In May this year, Reliance Brands, a subsidiary of Reliance Industries, had signed an agreement to acquire 100 per cent stake in iconic toymaker Hamleys from Chinese fashion conglomerate C Banner International. In 2015, Hong Kong-listed C Banner International had acquired Hamleys in a GBP 100 million deal.
This acquisition will catapult Reliance Brands to become a dominant player in the global toy retail industry.
Hamleys is the largest and the oldest toy retailer in the world, which was founded by William Hamley in High Holborn, London in 1760. The company has 167 stores across 18 countries. The toy retailer opened its first outlet in South Asia in Mumbai in 2010. It had 88 stores across the country.
In India, Reliance Retail operates over 661 stores across 29 cities and has a portfolio of over 40 international brands that span across the entire spectrum of luxury, bridge to luxury, high-premium and high-street lifestyle.
Oil-to-telecom conglomerate Reliance Industries is scheduled to announce its financial results for the quarter ended June 30, 2019 (Q1FY20) on June 19. According to market analysts, the company is expected to report a muted performance in June quarter due to challenges in the refining and petrochemicals business. However, telecom and retail business may continue their stellar performance.
Ahead of Q1 earnings, shares of RIL closed trade at Rs 1,261.80 apiece, down 1.54 per cent, on the Bombay Stock Exchange on Thursday.
Edited by Chitranjan Kumar