Mukesh Ambani has taken up the responsibility of putting British toy company Hemleys in place. Ambani’s company Reliance is planning to open toy company stores afresh. Ambani bought it in the year 2019.
British retail company eyes on Mukesh Ambani
The country’s richest man and successful businessman Mukesh Ambani (Mukesh Ambani) is ready to once again convince his mind. He is a 261-year-old U.K. Are helping to save the famous toy company Hemleys from drowning. For this, he is planning to expand the toy market in India, taking command of the company. Also, the company is opening many stores in Europe, South Africa and China etc. This was said by Darshan Mehta, chief executive officer of Ambani’s Reliance brand.
He told that Hemleys is a British retail icon who has not made a profit for many years. The company was continuously going into losses. But in the year 2019, Ambani bought Hamleys and saw Reliance Industries Limited from the perspective of development. So despite the Corona epidemic, the company remains in the market.
Prospect of development visible in India
According to Darshan Mehta, Ambani can bring new life in improving the decaying condition of British toy company Hummels. As the share of global toy sales was estimated by Euromonitor International last year at 0.6% and it is getting competition from other rival toy companies, the growth potential in India is high. About 27% of the children here are under 14 years of age. In such a situation, the toy industry can grow rapidly.
Thoughts on preparing a new format
Mehta said, “We are trying to mold the toy company into new geographies and new formats and are looking at how to open stores from scratch.” Since the epidemic is going on in India at this time and some parts of India’s economy are also under threat. But in the midst of all this, the toy industry can move forward because most of the families want to choose the happiness of their child at any cost in this negative time. In this case, toy is a better option.
The company was founded in 1760
The British toy company Hemleys was founded in the year 1760 by William Hamley. The company, which owns the London-based chain, has seen changes at least three times in the past decade, from an Icelandic bank to a French conglomerate and then to a Chinese fashion retailer. Ambani gave it around $ 89 million in cash in 2019.
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