Thursday, August 22, 2019
Follow us on
हरियाणा ने सार्वजनिक क्षेत्र के बैंकों की राज्य स्तरीय विचार मंथन दो दिवसीय बैठकपलक गौरी ने जीता नैशनल गोल्ड मेडल.जूनियर पेंचक सिलाॅट नैशनल चैंपियनशिप मेंRBI Increases operating hours of Real Time Gross Settlement (RTGS) System वर्तमान राज्य सरकार ने अपने पांच वर्ष के कार्यकाल में इन्द्री विधानसभा क्षेत्र में लगभग 1300 करोड़ रुपये के विकास कार्य करवाए:मनोहर लालहरियाणा पुलिस आगामी विधानसभा चुनाव के मद्देनजर अपराधियों पर कसेगी नकेलहरियाणा पुलिस के एएसआई ने विश्व पुलिस खेलों में जीता स्वर्ण पदक, डीजीपी ने दी बधाईमनोहर लाल ने प्रदेशवासियों को श्रीकृष्ण जन्माष्टमी के पावन पर्व की बधाई व शुभकामनाएं दीINX मामले में पी. चिदंबरम पर रोज एवेन्यू कोर्ट में सुनवाई शुरू

Reliance Retail in talks to buy toymaker Hamleys Due diligence for the deal is said to be at an advanced stage

April 18, 2019 06:31 AM


M Sriram ■
Reliance Retail in talks to buy toymaker Hamleys
Due diligence for the deal is said to be at an advanced stage

MUMBAI:Reliance Retail, a subsidiary of India’s largest conglomerate, Reliance Industries Ltd (RIL), is in talks to acquire a controlling stake in iconic UK-based toymaker Hamleys, said two people aware of the matter, requesting anonymity.

■ Hamleys reported losses of £12 million in 2017, when it last reported its financials., which first reported the development on Wednesday, said that “due diligence for the deal is at an advanced stage” and “Reliance Retail is aggressively pursuing the deal”.

Hamleys is currently owned by Chinese fashion conglomerate C Banner International, which had acquired it for £100 million in 2015. C Banner also owns the Chinese units of marquee consumer retail brands such as Steve Madden and Sundance.

It has been looking to cut its losses and sell off Hamleys after logging heavy losses, Sky News had reported last October.

If the deal goes through, it would cap the story of the 295year old toymaker, which has struggled to generate profits in recent times.

Hamleys started with a singlestore shop, Noah’s Ark, in 1760, around the time when the British East India Company was thriving in India.

“By the time Queen Victoria ascended the throne in 1837, Hamleys was already a London landmark... So successful was the shop that in 1881 a new branch opened in Regent Street (a popular London street),” shows the Hamleys’ website.

In 2003, Hamleys was delisted from the London stock market by Icelandic investment firm Baugur Group, which had paid $68.8 million for the company. In 2012, it was sold for $78.4 million to France’s Groupe Ludendo.

Hamleys reported losses of £12 million in 2017, when it last reported its financials.

Profits fell off the cliff by 500%, as its chief executive, Ralph Cunningham, blamed Brexit, macroeconomic factors and terrorist attacks for the company’s poor performance. However, he had also said that he expects Hamleys to return to net profitability in the following year.

Reliance Retail already has a pan-India franchise agreement with Hamleys to merchandise its famous toys. Hamleys has around 129 stores globally, a large majority of which are under the franchise model. Besides the UK, the company is present in China, Germany, Russia, India, South Africa and the Middle East, among other regions, the Moneycontrol report said.

Reliance Retail plans to increase the toymaker’s geographic footprint in India if the deal goes through.

A Reliance spokesperson said the company does not comment on “speculation and rumours”. “Our company evaluates various opportunities on an ongoing basis. We have made and will continue to make necessary disclosures in compliance with our obligations under Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 and our agreements with the stock exchanges,” the spokesperson said.

Reliance Retail has entered into tie-ups with many other marque international brands such as Diesel, Marks and Spencers, Steve Madden and Kenneth Cole. It reported turnover of ₹69,198 crore for 2017-18. As on December 31, 2018, Reliance Retail operated 9,907 stores across over 6,400 cities

Have something to say? Post your comment
More Business News
बढ़त के साथ शेयर बाजार की शुरुआत, सेंसेक्‍स 37,440 के स्‍तर पर खुला इंस्टाग्राम शॉपिंग की लोकप्रियता बढ़ने के साथ कारोबारी भी बदल रहे हैं तौर-तरीका फटाफट खरीद-फरोख्त का नया अड्डा बना इंस्टाग्राम ED ने मनी लॉन्ड्रिंग एक्ट के तहत अटैच की फ्यूचर मेकर लाइफ केयर की 261 करोड़ की संपत्ति Hyderabad gets continued support from occupiers and investors Future Retail a Step Closer to Amazon Deal RIL चेयरमैन मुकेश अंबानी ने की जियो गीगा फाइबर सर्विस शुरू करने की घोषणा 5 सितंबर से देश भर में शुरू होगी जियो गीगा फाइबर की सर्विस- मुकेश अंबानी
रिलायंस का ऐलान- 700 में मिलेगा Jio Gigafiber, सालाना प्लान पर फ्री LED टीवी
जियो सेट टॉप बॉक्स से भारत के पहले मल्टीप्लेयर ऑनलाइन नेटवर्क की शुरुआत- आकाश अंबानी जियो गीगा फाइबर सर्विस की कीमत दूसरे देशों के मुकाबले 10 गुना सस्ती होगी- मुकेश अंबानी