News
News

Softlogic acquires a substantial stake in Odel


Sep 11
2014


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Softlogic Holdings PLC together with its retail subsidiary, Softlogic Retail (Pvt) Ltd, has acquired a substantial stake of Odel from Otara, Ajith and Ruchi Gunewardena the founding members of the fashion retailer .Ashok Pathirage, Chairman – Softlogic Holdings PLC said, “This is a great opportunity to further strengthen our position in the retail industry. Throughout our history, Softlogic has moved forward with a view to evolve and improve Softlogic’s retail business space. This acquisition in Odel would enhance our footprint and diversify our retail operations adding greater value by accessing a premier segment of discerning customers. Otara Gunawardena will continue to be associated with Odel while we consolidate our apparel, footwear and accessories brands. We are confident to build the Odel brand further and foresee immense synergies emerging as we grow. We see a lot of potential in the country’s retail sector and we will be first to take advantage of the increasing per capita income in the country, growing middle income segment and garner more out of tourist spending. We will be well positioned to harness the retail growth momentum for the benefit of our shareholders with a view enhance returns.

Odel first started as a small venture with Otara Gunewardene, selling clothes from her car boot. Over the years, she progressively developed her business to what it is today and has provided customers with an unparalleled retail experience across a chain of 20 retail stores being one of the first to set up a virtual store. Softlogic Holdings PLC, one of Sri Lanka’s most dynamic and rapidly growing conglomerates, commenced operations in 1991 as a software developer with just 12 employees and has now expanded its footprint, holding leading positions in ICT, Healthcare, Retail, Financial Services, Automobiles and Leisure. The Group now provides employment to over 6,500 individuals generating a turnover of more than USD220 Mn. The Group’s alliances with reputed global institutions and large multinational corporations underscores its local stature. Softlogic currently holds distributorship for leading international apparel and accessories brands in Sri Lanka -- Nike, Levis, Giordano, Mango, Mothercare, Splash, Charles & Keith, French Connection, Dockers, Diesel, Skagen, Fossil, Adidas, Emporio Armani, DKNY and Michael Kors.