Mukesh Ambani-led Reliance Industries Ltd's (RIL) subsidiary, Reliance Brands Ltd on Thursday bought centuries-old British toy retailer Hamleys from C Banner International for Rs 621. 15 crore (GBP 67.96 million).

Currently, RIL retail arm Reliance Retail has the licence to sell Hamleys' products in India. In 2015, China's C Banner International had acquired Hamleys in 100 million pound deal.

Darshan Mehta, president and chief executive officer of Reliance Brands, said, "Over the last few years, we have built a very significant and profitable business in toy retailing under the Hamleys brand in India. This 250-year-old English toy retailer pioneered the concept of experiential retailing, decades before the concept of creating unique experiences in brick and mortar retailing became the new global norm."

In October last year, Sky News reported that C Banner International, which is listed on the Hong Kong Stock Exchange, had launched a strategic review of loss-making Hamleys' and was looking to sell it.

Hamleys was founded in 1760 and is the oldest and largest toy shop in the world with 167 stores in 18 countries. In India, RIL operates Hamleys' franchises, from 88 stores across 29 cities.

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First Published:May 9, 2019 9:06 PM IST