29 August 2018 09:00 am Views - 2878
Cotton Collection Private Limited said yesterday that they have divested their shares to ODEL PLC, a subsidiary of Softlogic Holdings PLC for an undisclosed amount.
“The much sought-after brand was bought by the Softlogic Group as it was the perfect fit for their well-established, diversed retail network and accelerated expansion plan,” a press release said.
“Cotton Collection is more than a brand, it’s a lifestyle. Through a journey spanning 27 years, my team and I have built a brand that has helped shape and develop the fashion retail landscape of Sri Lanka. Cotton Collection is a brand with a distinct identity—a carefree, casual clothing brand that has its roots firmly in the Sri Lankan psyche.
“This decision was inspired by the desire to dedicate more time to my family and it will also allow me to grow the Leather Collection brand to be a strong contender in today’s market. The Softlogic Group, founded and led by its Chairman Ashok Pathirage, are leaders in the field of retail with a strong and proven record and it gives me great pleasure to pass on the reins of my company to them, secure in the knowledge that they will develop the brand further and take it to even greater heights,” Cotton Collection Founder/ Managing Director Niloufer Esufally Anverally said.
Softlogic Holdings PLC Chairman Ashok Pathirage said, “Today marks a very momentous occasion in our journey to be Sri Lanka’s largest fashion and lifestyle retailer. Cotton Collection is a great brand that we have witnessed evolving over the years. It has its own loyal customer following and we feel this acquisition would form a perfect fit for our aspirations in elevating the fashion retail landscape of the country.
With ODEL, our string of international branded apparel stores and Cotton Collection, we are confident that we could offer an unparalleled array of fashion choices to the discerning and fashion conscious consumer.”
“With increased tourism, urbanization, a growing middle income bracket and the soon to be opened upcoming malls, namely the CCC Mall which will open in September this year, The Shangri-La Mall which is planned for opening mid 2019 and the 645,000 square foot ODEL Mall which is slated for opening in 2020, all of which will open out more retail space to the market and tremendously upgrade the retail shopping and lifestyle experience of the consumer, we feel we are well positioned as a Group to tap into the immense growth potential that retail would offer and thereby further consolidate our presence in this segment,” he added.
Cotton Collection was founded by Niloufer Esufally Anverally in 1991, at a time when fashion retail in Sri Lanka was at a nascent stage. The company, today, boasts of over 15,000 square feet spread across five branches.
The 200 people-strong workforce of Cotton Collection comprises of a home-bred design team that curates bohemian, free-spirited collections that has carved out a niche market share over the years.
Cotton Collection recorded a 20 percent year-on-year growth for financial year 2017/18, the press release said.
Softlogic Holdings PLC is a diversified conglomerate, with leading market positions in the country’s growing economic sectors; retail, healthcare, financial services, ICT, automobiles and leisure.
Softlogic holds authorized distributorships for key global brands, employs over 9,000 people in its offices located in Sri Lanka and Australia.
ODEL PLC is a subsidiary of Softlogic Holdings PLC and has since its inception in 1989, grown to become a household name in the apparel and accessories market, attracting a constant and loyal footfall of both local and foreign customers.
With its flagship store located in the heart of Colombo at Alexandra Place, ODEL has 22 lifestyle stores together with its home grown LuvSL Brand stores, situated in commercial and strategic locations across the country.
In July 2010, ODEL became the first ever fashion retailer in the country to go public, with an Initial Public Offering (IPO) that was oversubscribed by 63 times.
Capital Alliance Partners Limited (CAL) functioned as the financial advisor to Niloufer Esufally Anverally on the transaction.