Indian company buys famous UK toy retailer Hamleys

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Indian company buys famous UK toy retailer Hamleys
A shopper walks past a Hamleys store in New Delhi, India, Friday, May 10, 2019. India's Reliance Retail, a subsidiary of Reliance Industries Limited, announced Thursday that it has signed agreements to acquire the 259-year-old British toy store chain Hamleys. (AP Photo/Manish Swarup)

LONDON (AP) — An Indian company says it has agreed to take over the famous toy retailer Hamleys.

Reliance Brands in Mumbai said in a statement Thursday that it would buy Hamleys Global Holdings, the owner of the Hamleys brand, from C Banner International of Hong Kong for an undisclosed sum.

The deal would include the flagship Hamleys store on London’s Regent Street, which opened in 1881 and remains a tourist attraction in the British capital.

Hamleys was founded in 1760 and has 167 stores in 18 countries. Reliance Brands already had the franchise for 88 Hamleys stores in India.

Reliance Brands Chief Executive Darshan Mehta said the acquisition places the company in the “forefront of global retail.” It is part of Reliance Industries, whose chairman is the Indian tycoon Mukesh Ambani.