It Completed The Sale Of Its Toy Brand "Hamleys" In July 16Th.

The announcement on the issue of shareholders' approval of the sale of Hamleys Global Holdings Limited (hereinafter referred to as "Hamleys") has been reached and the sale is completed in July 16, 2019. Upon completion, the company will no longer (directly or indirectly) hold any rights and interests of Target Corp, so Target Corp's financial performance will no longer be incorporated into the group's financial statements.

In May 14th, it announced that in May 9th, the company entered into a sale and purchase agreement with Reliance Brands Limited (hereinafter referred to as "RBL"), and intends to sell all the Hamleys shares to the company. In addition to paying 34 million 290 thousand of the total equity of Hamleys, RBL paid 33 million 670 thousand pounds to repay 100 billion loans to Hamleys with a total transaction volume of 67 million 960 thousand pounds.

In 2015, it bought Hamleys at the price of about 100 million pounds. Today, at the total cost of 68 million pounds, Hamleys has changed its RBL to India's rich, which is about 40% less than its 4 years ago purchase price.

It is understood that RBL was founded in 2007. It is a subsidiary of India's big Private Companies RIL. It is a retailer in the fashion and lifestyle field. It has more than 400 stores and 350 stores in India. The cooperative brands include forty brands, including Coach, Bottega Veneta, Muji, Tumi and so on.

According to the public data released by the company, by the end of December 31, 2018, Hamleys's sales in fiscal year 2018 were 62 million 880 thousand pounds, down 5.1% from the same period last year, and net profit was 2 million 400 thousand pounds, which was 11 million 200 thousand pounds in the same period last year. From 2015 to the end of 2017, Hamleys set up three stores in China.

Since the acquisition of Hamleys in 2015, the performance of the latter has not been achieved. For this sale, the company said that the synergy between the business and the toy business failed to achieve the expected diversification of the group business. In view of the difficulties in operation, the uncertain prospect of Hamleys and the failure to display the diversity of business, the company has been seeking to sell its toy business since the end of 2018. The sale will also release the resources invested by Hamleys in order to enable the company to focus on the development of high-end ladies' shoes in its core business.