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Mukesh Ambani Buys Oldest Toy Store Hamleys

Mukesh Ambani Buys Oldest Toy Store Hamleys
Mukesh Ambani Buys Oldest Toy Store Hamleys

Insight

Mukesh Ambani Buys Oldest Toy Store Hamleys

According to Forbes magazine, Mukesh Ambani is the 13th richest man in the world for the year 2019. Mukesh Ambani-led Reliance Industries declared it will take over iconic British toy-maker Hamleys for 67.96 million pounds (nearly Rs. 620 crores) in an all-cash contract. Hamleys is the world’s oldest toy store from its Chinese owners, C. Banner.

Hamleys, was established by William Hamley in the year 1760, is considered to be the globe’s oldest toy retail store. Known for its flagship retail store on London’s Regent Street which draw the attention of over 5 million tourists every year.

Hamleys has broadened its worldwide footprint from the middle of the 2000s. Hamleys has fought a lot to create profits in recent times. It recorded a profit after tax of nearly 2.44 million pounds in the year 2018 subsequently undergoing a loss of 11.24 million pounds by the year 2017.

Ambani had earlier licensed entire 88 Hamleys retail outlets around India, but with this acquisition, he now is the owner of all the organization’s 167 retail outlets in 18 nations throughout the globe.

Ambani has expeditiously enlarged his core business starting from oil and gas towards telecommunications and retail as well. Ambani Group Reliance Brands declared the worldwide takeover of iconic Hamleys brand positioned Reliance towards the frontline of the Global retail. It has been noted that Reliance acquired the age-old (nearly 259 years old) brand from the Hong Kong group C. Banner in consideration for $88 million (78 Million Euros). The financial value is undoubtedly lesser than $130 million, a cost paid by C. Banner when to France’s Groupe Ludendo in the Year 2015, as an acquired asset. 

Ambani is making his fortune by his brand Reliance Industries, which is an oil and gas giant brand. The Reliance Brands Limited of the group also took over Genesis Luxury Fashion in the year 2018, hence acquiring control on dominant global brands like Burberry, Michael Kors, Hugo Boss and Paul Smith at the Indian retails. Forbes depicts that Ambani has a net value of $50 billion. Reliance industries hold a market worth of $93 billion. Ambani, who is in a cutthroat competition for supremacy of the Indian market with Walmart as well as Amazon, wishes that the retail division would devote as much to his bottom line as his core trade by the year 2028.

Disclaimer: The views and opinions expressed in this article are those of the author(s) and do not reflect the official position of Tersebox. Article had been published on as-is basis and Tersebox does not assume any responsibility or liability for any information(s) on this article.  

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