NEW DELHI: 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. "Over the last few years, we have built a very significant and profitable business in toy retailing under the Hamleys brand in India. This flagship store is set over seven floors covering 54,000 sq ft, with over 50,000 lines of toys on sale.

Source: Economic Times May 09, 2019 15:44 UTC