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India's richest man Mukesh Ambani buy another toy, Hamleys

India
Highlights

Reliance Industries is already running 88 Hamleys stores across 29 cities in India.

Mukesh Ambani, India's richest man has bought the iconic British toy retailer Hamleys for an undisclosed amount.

Mr Ambani owned Reliance Brands Limited, said it had signed an agreement to buy the company from China's C Banner International which had purchased it in 2015.

Hamleys was founded in 1760, which is the world's oldest toy retailer and spread across 18 countries with 167 stores.

Reliance Industries is already running 88 Hamleys stores across 29 cities in India.

The CEO of Reliance Brands Limited, Darshan Mehta, said in a statement, "The worldwide acquisition of the iconic Hamleys brand.... is long cherished dream come true."

Last year Hamleys reported a £9.2m loss, blaming Brexit and the threat of terrorism for the downturn. In the UK it opened four stores but closed two later.

However, its flagship store which opened in 1881, in London's Regent Street persists to be one of the major city's attractions. It is set over seven floors has an estimated 50,000 lines of toys on sale.

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