Odel says bought Cotton Collection for Rs.300mn

The Softlogic group’s Odel PLC yesterday disclosed that it bought 100 percent of Cotton Collection Private Limited for Rs.300 million from Cotton Collection founder Niloufer Esufally Anverally. 

A press release issued by Cotton Collection on Tuesday did not mention the price at which the sale was done.

“The decision to enter into this transaction is in line with the company’s strategy of expanding the product portfolio and retail footprint. The acquisition will give the group significant flexibility in terms of brand positions utilizing product portfolio of Odel and Cotton Collection,” a stock exchange disclosure filed by Odel PLC to the Colombo bourse said.

“In addition, the company sees significant synergies in terms of back office amalgamation, human resource functionality and blended customer base of both Odel and Cotton Collection,” the filing added.