Mukesh Ambani's Reliance to renovate London's iconic Hamleys toy store

Mukesh Ambani-helmed Reliance Industries' toy company Hamleys is planning to expand even as toy retailing has taken a beating. Hamleys is planning to refurbish its landmark London shop. The company is also planning to open new stores at a time when other British companies are shutting shop and laying off people and focussing on digital strategies.

The retailer is in the final stages of refurbishing the seven-floor Regent Street store. Hamleys also plans to open pop-up concessions and stores in Manchester, Liverpool and Newcastle in England, Western Europe, Australia, the US and Canada.

Sumeet Yadav, CEO for global business at Reliance Brands said that this expansion is not foolhardy but a sign of confidence in brand and strategy. "It has been quite an eventful journey, we are not holding back making long-term investments," said Yadav, according to Bloomberg.

While some in-store challenges have cropped up due to COVID-19, the company aims to relaunch the website by end of 2020.

Reliance Industries bought Hamleys a year ago for $92 million. The storied brand had four owners over the past 15 years. Ludendo Groupe of France and C.Banner International Holdings Ltd. of China failed to increase sales or expand globally. Reliance Brands has run the Hamleys franchise in India for the past decade.

While Yadav did not divulge how much Reliance is investing in this revamp, he added that the sum is worthy of a brand that is 260 years old.

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