India’s richest man buys toy chain Hamleys

DAILY MAIL, 10 MAY 2019-India’s richest man Mukesh Ambani has bought the iconic British toy store Hamleys for £67million.

Ambani’s Reliance Brands business secured a deal to buy the world’s oldest toy retailer from Chinese fashion conglomerate C Banner International.

The move brings to an end Hamleys’ four-year spell under the Hong-kong based firm, which bought it for £100million.

Hamleys, which was founded in 1760, has 167 stores across 18 countries. Reliance already operates 88 Hamleys stores across 29 Indian cities.

In recent years, he has massively expanded his retail portfolio, snapping up a string of well-known brands such as Burberry, Canali, Paul Smith, Armani, Just Cavalli and Jimmy Choo.best known for its enormous flagship store in London - itself a tourist attraction that receives five million visitors a year - Hamleys has been expanding internationally since the mid-2000s.