In an all-cash deal, RBL will pay Rs 617.48 crore (£67.96 million) for this acquisition that marks its foray into the global toy retailing industry, making it a dominant player.

Darshan Mehta, president and chief executive officer, Reliance Brands, said the company has built a very significant profitable business in toy retailing under the Hamleys brand in India. "The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail," he said.

Founded in 1760, Hamleys is the oldest and the largest toy retailer in the world. It currently has 167 stores across the globe. In India, Reliance Brands holds the master franchise for Hamleys and operates 88 stores across 29 cities.

RBL is part of the $120-billion market cap conglomerate Reliance Industries Ltd and India's number one company by profit in Fortune Global 500 rankings. It started operations in 2007 and currently has over 420 stores and 350 shop-in-shops in the premium to luxury segment across segments like fashion and lifestyle product categories.

"Over the last few years we have built a very significant and profitable business in toy retailing under the Hamleys brand in India. This 250-year-old English toy retailer pioneered the concept of experiential retailing, decades before the concept of creating unique experiences in brick-and-mortar retailing became the new global norm," Mehta said.

Hamleys opened its flagship Regent Street London store in 1881. This flagship store is set over seven floors covering 54,000 square feet, with over 50,000 lines of toys on sale. It is considered one of London's prominent tourist attractions, receiving over 5 million visitors each year.