The iconic retailer marks Reliance Industries’, which is owned by Indian billionaire Mukesh Ambani, first overseas acquisition.

Reliance Industries retail arm Reliance Retail operates Hamleys’ 88-strong retail estate in India. The business, which has made a name for itself as the leading telecoms business in the country, is now gearing up for a retail onslaught in a bid to take on the likes of Amazon and Walmart in India.

Reliance has acquired Hamleys from Chinese retail group C.banner, which has owned the toy retailer since 2015.