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Asia’s Richest Man Rebuilds a 261-Year-Old British Icon
- Hamleys toy-store chain plans expansion under Ambani ownership
- Tycoon to boost online sales, add stores across Asia, Europe
A struggling 261-year-old U.K. 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 China, he said in an interview.