259-year-old toy store Hamleys in London now owned by Indian tycoon Mukesh Amabani

Asia's richest man Mukesh Ambani has snapped up the storied British toy store Hamleys from its Chinese owners for $88 million, the latest in a dizzying splurge of retail acquisitions.

Mukesh Ambani-Reliance Industries-Petroleum-Oil Source: AAP

Hamleys toy store has a new owner, with Mukesh Ambani purchasing the retailer for $88 million.

Ambani's Reliance Brands announced that it had bought the 259-year-old toy retailer from the Hong Kong-listed Chinese fashion conglomerate C.Banner International Holdings.

"The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail," Darshan Mehta, president and CEO of Reliance, said in a statement.

Ambani, worth some $50 billion according to Forbes, initially made his fortune in oil refining and petrochemicals but his Reliance empire has since branched into everything from telecoms to cable networks and tech firms.

Hamleys toy store in London. Source: EPA