Hamleys: Reliance of Mukesh Ambani buys the oldest toy store in the world

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Reliance, owned by billionaire Mukesh Ambani, buys Hamleys to its Chinese owner C Banner International for about 68 million pounds ($ 88 million).

L & # 39; agreement Announced Thursday, Ambani will have full control of 167 Hamleys stores in 18 countries. Already trust owns the trademark rights in India, where it operates 88 Hamleys franchise stores.

The purchase of Ambani will strengthen its push in the retail business as it prepares to compete Amazo (AMZN)and WAlmar, (WMT)who have poured billions into India as they try to take advantage of the rapidly growing market of electronic commerce.

"The global acquisition of the iconic Hamleys brand and its business puts Reliance at the forefront of global retail," said Reliance Brands CEO Darshan Mehta in a statement in which he described "a dream long been a reality ".

Ambani is well positioned to take a big step forward in online retail. It has already stormed the Indian digital economy with its Reliance Jio mobile network, which has logged more than 300 million users in less than three years since its launch.

In a speech in January, he announced his intention to leverage this digital influence to bring Reliance Retail brand, one of India's largest brands, online.

By buying Hamleys – a renowned 259-year-old British retailer whose flagship outlet on Regent Street in London is also a tourist attraction – Ambani could also prepare to face competitors far beyond India.

The Mumbai-based billionaire is not the only rich Indian to own one of the UK's most reputable brands. Tata Motors (TTM), belonging to Ratan Tata, British automaker Jaguar Land Rover in 2008.

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