Reliance Brand Ltd (RBL) entered into a Joint Venture (JV) with Italian toy manufacturing company Plastic Legno SPA. On Wednesday, the RBL announced their 40% stake in the company’s Indian business for an unrevealed amount.
The investment’s objective is to bring vertical integration to its toy business. According to the JV, the JV would bring variety to the supply chain alongside a long-term strategic interest. Further, it will contribute to the growth of toy manufacturing in India. The Sunino Group owns the Plastic Legno SPA, a toy production firm in Europe with 25 years of experience. On the other hand, British Toy Retailer Hamleys and Homegrown Toy Brand Rowan are also in the portfolio of the significant player RBL. Currently, RBL is a branch of Reliance Retail Ventures Ltd.
Reliance Brand Ltd And Sunino Group
Today, Hamleys has made its mark with 213 retail stores in around 15 countries. Moreover, it is the largest chain of toy stores in India. As per the RBL spokesperson, the JV shall open new opportunities for Indian toy manufacturers. He said, “RBL must create a plan to shelf capacity for a strategic advantage over the competition. We aim to be an accelerator in making a robust toy manufacturing ecosystem in India. Consequently, it will fulfil domestic and global market consumption.”
Sunino Group co-owner, Paolo Sunino, called himself privileged to be Reliance’s partner in the JV. He expressed his confidence in his company’s experience in toy manufacturing and Hamley’s saleable outreach. In addition to this, he believes that the two will compliment each other and enable the JV to achieve the pinnacle. He said, “We have also important development plans to implement, always in the spirit of creating a cultural background in this specific sector in India.”
Plastic Legno SPA entered the Indian market in 2009 to create a powerful production hub that would serve the global demand. Their goal was to grow swiftly in the developing Indian market.
