(MENAFN – NewsIn.Asia) Colombo, Aug 28 (newsin.asia) – Sri Lanka’s popular clothing store, Cotton Collection Private Limited divested its shares to ODEL PLC on Tuesday after the brand was bought over by the Softlogic Group.
“The much sought-after brand was bought by the Softlogic Group as it was the perfect ﬁt for their well-established, diverse retail network and accelerated expansion plan,’ a statement said.
Niloufer Esufally Anverally, the founder and creator of the all Sri Lankan brand Cotton Collection maintains ownership of her alternate brand Leather Collection.
Having identiﬁed the core strengths of the two companies the Softlogic Group believes that the acquisition will garner greater market share for the group.
The Retail arm of the Softlogic Group has a very strong footprint in the retail sector spanning the verticals of fashion, consumer electronics and furniture.
ODEL PLC together with a strong line up of stand-alone Flagship Branded Apparel stores make Softlogic the foremost choice for fashion and lifestyle retail in the country.
Cotton Collection would be a worthy addition to this already strong and growing base.
Founder/ Managing Director of Cotton Collection, Niloufer Esufally Anverally went on to say ‘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,” Niloufer said.
She added the decision was inspired by the desire to dedicate more time to her family and grow the Leather Collection brand to be a strong contender in today’s market.
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, freespirited collections that has carved out a niche market share over the years.
This venture is just another step in the development of ODEL as one of the largest fashion retailers in the country that caters to the niche market segment in Sri Lanka.
Capital Alliance Partners Limited (CAL) functioned as the ﬁnancial advisor to Mrs. Niloufer Esufally Anverally on the transaction which will herald in a new age for Sri Lankan fashion retail.