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Profits at Hamleys dive after Chinese sale…

Reports have revealed that profits at Hamleys, which is considered to be the oldest and largest toy shop in the world, have plunged in the aftermath of its new Chinese owners, C.Banner International acquiring the retailer in a £100 million deal in October 2015. 

Documents recently filed affirm sales fell from £68 million to £56.6 million and pre-tax profits tumbled from £1.7 million to £761,000 last year; meanwhile the retailer introduced a four-storey, 7000 sq m shop in Beijing on October 1.

According to The Telegraph, the chief executive at Hamleys, Gudjon Reynisson, claims that the perfect opportunity for a Chinese expansion was presented after the end of China’s one-child policy.