May 26, 2019 | 6:56 AM IST
hamleys owned

RIL buys 259-yr-old toy store chain Hamleys; Shares fall 3 % intra-day

Reliance Brands, a subsidiary of Reliance Industries Ltd. (RIL) has bought British toy-maker Hamleys Global Holdings Ltd. It has purchased 100 per cent shares of Hamleys from its Hong Kong-listed company C Banner International for Rs 588.76 crore.
The news was confirmed after a release from the company statement. With this buy, Reliance Brands becomes a dominant player in the global toy retail industry. Hamleys is the largest and the oldest toy retailer in the world founded by William Hamley in London in 1760. The company’s original name was Noah’s Ark.
In the recent years, Hamleys has had quite a few owners. In 2003, it was bought by Icelandic company Baugur Group who sold it to French toy retailer Groupe Ludendo in 2012. It was again purchased by Chinese C Banner who sold it to RIL this Thursday, says a report.
However, the deal was made when RIL shares extended losses for the fourth straight session on Thursday. The share price declined as much as 3.45 per cent to touch an intra-day low after brokerage firm Morgan Stanley downgraded the company to equal-weight, maintaining the target at Rs 1,349 per share.

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