Hamleys is ramping up its online business with a sales target of £50 million in the next five years, up from the £4 million it has forecast for the year to March.
Hamleys chief executive Nick Mather said: “We recognise that online is a major opportunity for us. We’re very excited about Christmas and we’re expecting big numbers online.”
About 7 per cent of sales are generated from the online business at present. The Baugur-owned retailer posted operating profit of£2 million in the year to March 31, following the sale of its loss-making Bear Factory, compared with a loss of£3.2 million the previous year.
* Baugur chief executive Gunnar Sigurdsson has declined to comment on speculation that it is courting Saks for its first US acquisition.
The Icelandic investor is also understood to have launched a venture with a German partner with a view to expanding its brand portfolio into the country.
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