European toy specialist buys out iconic London toy retailer for an undisclosed sum.
Groupe Ludendo's rumoured acquisition of Hamleys has officially been confirmed.
Ludendo has bought out the London toy retailer for an undisclosed fee. This was previously thought to be around £60 million.
The European toy firm owns over 300 stores and operates in France, Belgium, Spain, Switzerland and Morocco.
It already owns brands such as Franz Carl Weber, and part of its core growth strategy is to double its store portfolio over the next four years.
A statement read: "With the acquisition of Hamleys, Groupe Ludendo is expanding its footprint, not only in the UK, but also in Asia and the Middle East."
Jean-Michel Grunberg, chairman of Ludendo, said: "We are delighted to be acquiring Hamleys today, which is one of the most respected toy retailers in the world.
"Hamleys will give us the platform to accelerate our international development starting with the UK and into new markets. We have every intention of maintaining this unique brand and what it stands for, and building on its successful international development.”
Rudolph Hidalgo, Ludendo group general manager, added: “We believe the management team has done a spectacular job and there is an opportunity for Ludendo to learn from their expertise and how to develop a new shopping experience for our customers.
"Ludendo will bring its strength in purchasing as well as its large product range.”
Gudjon Reynisson, CEO of Hamleys, commented: “The management team is very supportive of this transaction and we look forward to becoming part of this well established family business.
"Groupe Ludendo is a strong partner for Hamleys and we look forward to working with them on taking the fun, entertainment and theatre of Hamleys to new levels.
"We have big plans for the future and share both Groupe Ludendo´s ambitions for growth and their values."
Hamleys has stores in London, Glasgow and Dublin.
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