Odel pays Rs. 300 m for Cotton Collection

Thursday, 30 August 2018 01:17 - - {{hitsCtrl.values.hits}}

Odel Plc of Softlogic Holdings Plc has paid Rs. 300 million for the acquisition of Cotton Collection Ltd from founder Niloufer Esufally Anverally.

Odel said the acquisition is in line with the Company’s strategy of expanding the product portfolio and retail footprint. The move will give the Softlogic Group significant flexibility in terms of brand positioning utilising product portfolios of both Odel and Cotton Collection.

Additionally, Odel sees significant synergies in terms of back office amalgamation, human resource functionality and blended customer base of both ODel and Cotton Collection. Cotton Collection was founded by Anverally in 1991, at a time when fashion retail in Sri Lanka was at a nascent stage.

The company today boasts over 15,000 square feet spread across five branches. The 200-strong workforce of Cotton Collection comprises a home-bred design team that curates bohemian, free-spirited collections that have carved out a niche market share over the years. The iconic brand placed on record an exponential YoY growth of 20% in financial year 2017/18.