Hamleys has been sold to Reliance Industries - owned by Indian's richest man Mukesh Ambani - for almost £70million.
That's a significant discount on what previous owner C.banner, which is listed in Hong Kong, paid for the shop three years ago.
C.banner paid around £100million for the world-famous chain, but things haven't been going as well as planned - with Hamleys reporting a hefty £12million loss in October.
The Reliance Brands subsidiary already operates a chain of 88 Hamleys franchise stores, but this is its first acquisition of an overseas retail brand.
Reliance Brands chief executive Darshan Mehta said: "The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail."
He added it was a "long cherished dream come true".
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It's the fourth time the toy shop has changed hands in the past 15 years.
Hamleys was founded in 1760 and has 129 stores around the world. It has had the same address on London's Regent Street since 1881.
The company was bought in 2003 by Icelandic investor Baugur Group, for £47million.
In 2012 it sold the store French firm Groupe Ludendo for £60million. C.banner took control in 2015.
