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Mukesh Ambani-led RIL acquires British toy retailer Hamleys

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Mukesh Ambani, Reliance Industries Limited, Hamleys, Retail industry, British toy company, C Banner International, Reliance Brands, Business news

Mumbai: In a bid to become a dominant player in the global toy retail industry, Mukesh Ambani-led Reliance Industries Limited (RIL) on Thursday announced it has acquired iconic British toy retailer Hamleys from Chinese firm C Banner International for an undisclosed sum.

Of late, the toy company has struggled financially due to uncertainties owing to Brexit and economic slowdown in the UK.

 

Mukesh Ambani, Reliance Industries Limited, Hamleys, Retail industry, British toy company, C Banner International, Reliance Brands, Business news

 

Reliance Brands, a subsidiary of Reliance Industries, has signed a definitive agreement with Hong Kong-listed firm C Banner International, to acquire 100 per cent shares of Hamleys, the company said in a statement.

The deal will give the Indian acquirer complete control of Hamleys retail operations spread over 167 stores across 18 countries. Reliance, which already has the master franchise for Hamleys in India, will also get to own 88 stores across 29 cities that is currently operates.

 

Reliance Industries acquires British global toy company Hamleys:

 

The company is named after William Hamley, who founded a toy shop called ‘Noah’s Ark’ in London, in 1760. Ownership of the shop passed through the family and by 1837 when Hamley’s grandsons operated the store, it had become famous. People belonging to the royalty and nobility were among its customers.

 

Mukesh Ambani, Reliance Industries Limited, Hamleys, Retail industry, British toy company, C Banner International, Reliance Brands, Business news

 

“We have built a very significant and profitable business in toy retailing under the Hamleys brand in India. This worldwide acquisition places Reliance in the frontline of global retail,” said Darshan Mehta, President and CEO of Reliance Brands.

C Banner International acquired Hamleys in 2015 in a 100 million pound deal.

 

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Infosys to hire 1,000 Americans for its Arizona centre by 2023

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Bengaluru: Global software major Infosys has opened a technology centre at Phoenix in Arizona, US, to accelerate innovation for its American enterprises. “We will hire 1,000 American techies over four years to work at the centre in the southwestern state for the local enterprises,” said the city-based IT behemoth in a statement, here on Saturday. Arizona Governor Doug Ducey inaugurated the centre in the presence of state officials, company executives, employees and representatives of a few enterprises.

The centre, housed at the Arizona State University (ASU), will focus on autonomous technologies, Internet of Things (IOT), full-stack engineering, data science and cyber security. “Our investment in the centre will attract local and global talent. Hiring is underway to recruit around 500 techies by 2020 and reduce the IT skills gap in the state,” it said. Agencies Infosys Chief Executive Salil Parikh said the Arizona centre, the company’s sixth of its kind in the US since 2017, was set up to help local enterprises go for digital transformation at the earliest.

“The centre allows us to collaborate with our clients across the country in an agile manner,” said Parekh. The centre will also leverage and empower the workforce to bridge the skill gap in the market and accelerate the digital agenda of its clients. “Our focus will be on harnessing, modelling and scaling a new model for workforce development in the US, where the private sector has a key role to implement it (model) or learning and on-the-job training,” said company’s president Ravi Kumar.

The centre will allow the company to develop cross-functional solutions to pressing business challenges in machine learning, artificial intelligence, user experience and advanced digital technologies, such as big data and cloud. As part of its commitment to workforce development and bridging the STEM (Science, Technology, Engineering and Mathematics) skill gap in the US, the $11 billion outsourcing firm also announced a partnership with InStride to allow its employees complete degree programmes and education courses through ASU.

“Infosys’ commitment to Arizona and learning speaks of the strength of talent in our community. We welcome it as a partner that will boost our competitiveness in the global economy,” said ASU president Michael Crow.

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