Chinese footwear business C.banner Holdings has agreed to buy toy retailer Hamleys from French owner Groupe Ludendo for £100m.

The two companies entered into a share sale and purchase agreement after trading yesterday.

C.banner, which is described as a strategic partner of House of Fraser owner Sanpower, is seeking to start selling Hamleys’ products in House of Fraser stores.

Yuan Yafei, Sanpower’s chairman, is believed to have family ties to C.banner, which is led by chairman Chen Yixi.

In a statement, C.banner said it has “plans to expand its business with a focus on retail premises such as department stores”.

It added: “the company believes that such strategic partnership would deliver greater synergy with both its existing products and Hamleys products and contribute significantly to the company’s global branding strategy.

“As of the date of this announcement, no definitive proposal has been made and no written agreement has been entered into with any department store in respect of such initiative.”

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