Asia’s richest man Mukesh Ambani rebuilds a 261-year-old British icon
NEW DEELHI: A struggling 261-year-old UK toy-store chain is seeking a new lease of life in the hands of billionaire Mukesh Ambani, who’s looking to India where about a fifth of the world’s babies are born to fuel its revival.
Hamleys, a British retail icon that hasn’t made a profit for a number of years, plans to quadruple its outlets in the former British colony to more than 500 in three years despite the pandemic, according to Darshan Mehta, chief executive officer of Ambani’s Reliance Brands Ltd.
Besides the main growth market, the company is also adding stores from Europe to South Africa and , he said in an interview.
Ambani, 63, bought Hamleys in 2019 to strengthen his retail footprint as part of the ongoing transformation of his oil-and-chemicals conglomerate Reliance Industries Ltd into a consumer and technology behemoth.
The deep pockets of Asia’s richest man and India’s demographics could help breathe new life into Hamleys, whose share of global toy sales was estimated at 0.6% last year by Euromon or International, and see it avert the pitfalls faced by rivals such as Toys “R” Us Inc.
With a backer whose net worth is $72 billion, Hamleys is seeking to tap into what it sees as an inadequately serviced section of India’s almost 1.4 billion people, of which about 27% are children under 14.
Most of the toys are made in ..He is trying to defeat Modi's plan to review Indian toy industry.
Smacks of childish pettiness. Most likely your phone is brand but that aside, how does his acquiring the toy retailer show he's "trying to defeat Modi's plan" as you put it?
VIVO is a brand its worth 2600 cr of IPL title sponsorship...
Why not these biggies like Ambani, Adani, Tata, Murthy, and Premji going for Corona Van manufacture instead of indulging in such silly adventures?
Not everyone must do everything just because they have money....
Sir why not invest in hospitals ?
People don't want toys people want food, medicine and some comfort in life. If you can tell Modi to resign so that India can get back on it's feet again. India is drowning and drowning fast.
This MCs are becoming richer every day while Indians are dying on streets and line up for crematoriums.
Are these toys made in ??? If yes, Reject the deal.
Is it important to mention India as former Britain colony.
We were colony , not anymore.
Person with billions and still in race to billions but can't support nation and people to fight ag inst covid .he made his wealth from the land which given everything and he is no more in picture to help atleast poor ones and incapable people for there expenses for treatments
India is already overpopulated, "poor" are breeding like rabbits like Winston Churchill said.
Ambani snapped it for just $89 Million- peanuts for Ambani & peanuts for what it's pential worth- He will surely revive it into another successful brand.
Hamley toys are made in for the British toy retailer. Where is 'Make in India'??? Switch the manufacturing to India, then it is ok.
Remember they are much more intelligent then you and me. You think Ambani dont know if products are from no one will buy.
reviving the brand is not possible... if ur products are do highly priced... no wonder that a consierable amt of kids are born in INDIA, but they are born more into poor and middle class families ... pls consider
Buying a foreign brand is not hel us but hel them.
Change that stupid Hamley name to an Indian name
Pappu Pass or Fail
Mudi pump all money to build his empire..