The iconic British toy retailer Hamley’s was bought by Mukesh Ambani , India’s richest man for an undisclosed sum.
Hamley’s, which was founded in 1760, is the world’s oldest toy retailer and has 167 stores across 18 countries. But the retailer recently has been passing through tough times. Hamley’s had last year reported a £9.2m loss, blaming Brexit and the threat of terrorism for the downturn.
Reliance Brands Limited , which is owned by Ambani, said it had signed an agreement to buy the company from China’s C Banner International which had acquired it in 2015. Reliance Industries already operates 88 Hamley’s stores across 29 Indian cities.
According to Forbes, the 62-year-old Ambani is worth $50.7bn.
Via BBC
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