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HONG KONG: The richest man in Asia, Mukesh Ambani, has bought $ 88 million from the reputed British furniture store Hamleys for a record $ 88 million.
Reliance Brands from Ambani announced on Thursday, May 9, the end of its acquisition of the 259-year-old Chinese-owned toy retailer, Hong Kong-listed C.Banner International Holdings.
"The global acquisition of the iconic Hamleys brand and its business place Reliance at the forefront of retail," said Darshan Mehta, Reliance's president and chief executive officer, in a statement.
Ambani, worth US $ 50 billion according to Forbes, first made a fortune in oil refining and petrochemicals, but its Reliance empire has since spread to many sectors. from telecommunications to cable networks to technology companies.
In recent years, he has significantly expanded his retail portfolio by separating himself from a series of renowned brands such as Burberry, Canali, Paul Smith, Armani, Just Cavalli and Jimmy Choo.
Ambani said he hoped that the public wing of his empire would contribute as much to his conglomerate's earnings as to the core energy sector by the end of this year. 2028.
He is currently engaged in fierce competition with Amazon and Walmart in an ongoing race to dominate the retail market in India.
The purchase of beloved Hamley will help strengthen this fight.
Primarily known for its huge flagship store in London, a tourist attraction that receives five million visitors a year, Hamley's has grown internationally since the mid-2000s.
Reliance already had a franchise agreement for India, operating 88 stores in 29 cities, but the purchase now brings it a total of 167 stores in 18 countries.
But while the brand is well known, Hamleys has had difficulties. The price of £ 68 million (US $ 88 million) represents almost half of what C Banner had paid to his previous owner, the French group Ludendo, in 2015.
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