Iconic toy brand, Hamleys, to expand in India
What's the story
Britain based Hamleys, a toy shop retail major, will be opening six more stores in India by March 2017.
There are currently 26 Hamleys' stores in India spread over 14 cities. With the proposed expansion plans, Hamleys aims to take the total number of its stores in India to 32.
It forayed into India in 2010 with its first store at Mumbai's Phoenix Mall.
Background
Hamleys toy chain
Hamleys is the oldest toy shop in the world. It was opened 256 years ago by Cornishman William Hamley in London and was formerly known as Noah's Ark.
The legendary toy brand retails across 83 stores in 23 countries.
The biggest Hamleys outlet is located at Lubyanka-Square in Moscow and is spread over 6,750 square meters.
Its highest number of stores are in India.
Do you know?
India one of the youngest nations
According to the World Bank, India is amongst the youngest nations of the world. 29% of India's current 1.2 billion population is 14 years old or younger. This makes the country an especially attractive market for brands selling products for children.
Key figures
India's toy industry
The Indian toy industry is pegged at $1.2 billion, of which, 75% is spread over the unorganized sector, that is approximately $900 million.
The organized retail toy market is limited to 25% or $300 million; this market has seen 20% growth, year-on-year.
Of the organized market, Hamleys' current share is 20% by value ($60 million) followed by Amazon and Flipkart with 10% share each.
Key reasons
What is driving expansion plans?
Analysts believe for brands like Hamleys, India has the best demographics because, "No country produces as many babies as we do."
According to the latest figures, India accounts for 25 million live-births per year, substantially higher than US, UK and China.
An overall increase in income coupled with Indians having children later and having larger disposable incomes, implies the Indian market has phenomenal potential.
Information
Toys 'R' Us keen on India
Last month, it was reported that the American toy retail chain major Toys 'R' Us was looking to come to India via an Indian partner, Tablez India. Toys 'R' Us said they were looking to target the "mass market" that was outside of Hamleys demographic.