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Hamleys is the oldest toy retailer in the world
The richest man in India, Mukesh Ambani, bought the famous British toy retailer Hamleys for an undisclosed amount.
Reliance Brands Limited, owned by Ambani, said the group had signed an agreement to buy the company in China C Banner International, which acquired it in 2015.
Hamleys, founded in 1760, is the oldest toy retailer in the world and has 167 stores in 18 countries.
Reliance Industries already operates 88 Hamleys stores in 29 Indian cities.
According to Forbes, Ambani, 62, will be worth $ 50.7 billion.
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"The global acquisition of the iconic Hamleys brand (…) is a long-standing dream that is coming true," said Darshan Mehat, CEO of Reliance Brands Limited, in a statement.
Hamleys announced last year a loss of 9.2 million pounds, blaming Brexit and the terrorist threat to the recession.
He had opened four stores in the UK but closed two thereafter.
However, its flagship store on London's Regent Street, opened in 1881, continues to be one of the city's main attractions.
Spread over seven floors, it offers approximately 50,000 lines of toys.
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