Reliance Brands Limited has signed an agreement to buy the toy retail brand Hamleys from China’s C. banner International.
According to reports, the ink is now drying on the deal that was secured for an undisclosed sum.
Reliance Industries already operates 88 Hamleys stores across 29 Indian cities. The new deal puts the entirety of the Hamley’s network of stores in the hands of Mukesh Ambani, India’s richest man.
According to Forbes, 62-year-old Ambani is worth $50.7 billion.
“The worldwide acquisition of the iconic Hamleys brand is a long cherished dream come true,” Darshan Mehta, CEO of Reliance Brands Limited said in a statement.
Last year, Hamleys reported a £9.2 million loss, blaming Brexit for a chunk of its downturn. It had opened four stores in the UK, but later closed two.