Odel

Odel is a Sri Lankan retail brand best known for fashion, apparel, lifestyle merchandise and department-store operations. Its roots date to 1989, when founder Otara Gunewardene began selling factory-surplus garments and other apparel from the boot of her car to family and friends. The informal venture developed into a formal retail business with the registration of Odel as a private limited liability company on 31 October 1990. The name is derived from Gunewardene's own name, Otara Del Gunewardene. The company's first store opened on Dickmans Road in Colombo in a space of approximately 37 square metres. Odel initially focused on clothing and fashion retail, but expanded its physical presence rapidly during the 1990s. A second store opened at the Majestic City shopping complex in 1994, and by 1995 the business had nine outlets located in Colombo hotels and shopping centres. This expansion helped establish Odel as a recognizable local fashion retailer rather than simply an outlet for surplus clothing. A major turning point came in 1996, when Odel opened a substantially larger flagship store at Alexandra Place in Colombo. The site initially covered about 930 square metres and was later expanded to approximately 3,700 square metres in 2000. The enlarged format supported a broader department-store proposition, combining apparel with additional lifestyle and consumer categories. Odel subsequently extended its network beyond central Colombo, including an airport location in the departure and transit lounge of Bandaranaike International Airport at Katunayake in 2005. It also opened outlets in Kohuwala and Ja-Ela. The store network expanded further in 2009 and 2010, with outlets in Nugegoda, Mount Lavinia, Moratuwa, Panadura, Maharagama and Battaramulla. In 2010, Odel was converted into a public limited company and became the first fashion retail business listed on the Colombo Stock Exchange. The company continued its geographic expansion in 2012 with stores in Wattala, Kiribathgoda and Kandy City Centre. The Kandy outlet was significant because it represented Odel's first store outside Sri Lanka's Western Province. Odel also developed concepts aimed at tourists and consumers seeking locally themed products. In 2012 it launched Luv SL, a concept-store format offering souvenirs and products associated with Sri Lanka. Luv SL locations were opened at the Queen's Hotel in Kandy and in the Old Colombo Dutch Hospital shopping precinct in Colombo. Ownership changed materially during the 2010s. In July 2012, Parkson Retail Asia Limited acquired a 41.82 percent stake in Odel for approximately LKR 1.424 billion. In September 2014, Gunewardene sold her majority shareholding to Softlogic Group for LKR 2.7 billion. Softlogic subsequently increased its holding; by 30 June 2016 it held 96.67 percent of Odel. These transactions shifted the business from founder-led ownership into the Softlogic retail portfolio. Odel's brand identity remains associated with fashion-led department-store retail in Sri Lanka, although its current corporate and listing details should be checked against the latest company and exchange records.

Odel began as an entrepreneurial apparel business created by Otara Gunewardene in 1989. Gunewardene initially sold factory-surplus garments from her car to family and friends. The business was formalized on 31 October 1990, when Odel was incorporated as a private limited liability company. Its name was formed from Gunewardene's own name, Otara Del Gunewardene. The first Odel shop occupied about 37 square metres on Dickmans Road in Colombo. The company expanded its presence during the first half of the 1990s, opening a second outlet at Majestic City in 1994 and reaching nine stores in Colombo hotels and shopping centres by 1995. The early growth established Odel as a specialist fashion retailer with a broader physical network than a single independent clothing shop. In 1996, Odel opened a 930-square-metre flagship at Alexandra Place in Colombo. The store was expanded to roughly 3,700 square metres in 2000, creating a larger format capable of supporting department-store merchandising. Odel continued to add locations, including a store in the departure and transit lounge of Bandaranaike International Airport in Katunayake in 2005. Further outlets were opened in Kohuwala and Ja-Ela. The retailer accelerated its domestic expansion in 2009 and 2010. New stores opened in Nugegoda, Mount Lavinia and Moratuwa in 2009, followed by outlets in Panadura, Maharagama and Battaramulla in 2010. On 24 February 2010, the company became a public limited liability company. In July that year, it became the first fashion retail business to list on the Colombo Stock Exchange. Odel's retail footprint continued to grow in 2012 with locations in Wattala, Kiribathgoda and Kandy City Centre. The Kandy store was the company's first outside the Western Province. That same year, Odel introduced Luv SL, a concept focused on stylish souvenirs and products associated with Sri Lanka. Luv SL stores were established at the Queen's Hotel in Kandy and in the Old Colombo Dutch Hospital shopping precinct in Colombo, extending the brand toward tourist-oriented specialty retail. The ownership structure changed in stages. Parkson Retail Asia Limited acquired 41.82 percent of Odel in July 2012 for approximately LKR 1.424 billion. In September 2014, founder Otara Gunewardene sold her majority shareholding to Softlogic Group for approximately LKR 2.7 billion. Softlogic later increased its stake, reaching 96.67 percent by 30 June 2016. The transaction moved Odel from a founder-controlled public retailer into a business substantially controlled by a diversified Sri Lankan corporate group. Odel's current operational footprint, listing status and executive structure require confirmation from contemporary corporate disclosures.

• 2016

  Softlogic reaches 96.67 percent ownership

  [1]Odelen.wikipedia.org

  Softlogic's reported stake in Odel reaches 96.67 percent by 30 June.

• 2014

  Softlogic acquires founder's majority holding

  [1]Odelen.wikipedia.org

  Softlogic Group purchases Otara Gunewardene's majority shareholding.

• 2012

  Expansion to Kandy and launch of Luv SL

  [1]Odelen.wikipedia.org

  Odel opens stores in several locations including Kandy and introduces the Luv SL souvenir concept.

• 2010

  Odel becomes a public company and stock-market-listed fashion retailer

  [1]Odelen.wikipedia.org

  The company becomes public and is listed on the Colombo Stock Exchange.

• 2005

  Airport store opens

  [1]Odelen.wikipedia.org

  Odel opens a store in the departure and transit lounge of Bandaranaike International Airport.

• 2000

  Alexandra Place store is expanded

  [1]Odelen.wikipedia.org

  The Alexandra Place flagship grows to approximately 3,700 square metres.

• 1996

  Alexandra Place flagship opens

  [1]Odelen.wikipedia.org

  Odel opens a large flagship store at Alexandra Place in Colombo.

• 1994

  Second store opens at Majestic City

  [1]Odelen.wikipedia.org

  Odel expands its Colombo retail network with a store at the Majestic City shopping complex.

• 1990

  Odel is incorporated

  [1]Odelen.wikipedia.org

  Odel is registered as a private limited liability company on 31 October.

• 1990

  First store opens in Colombo

  [1]Odelen.wikipedia.org

  The first approximately 37-square-metre store opens on Dickmans Road in Colombo.

• 1989

  Odel begins as a car-boot apparel business

  [1]Odelen.wikipedia.org

  Otara Gunewardene begins selling factory-surplus garments and apparel to family and friends.

A fashion-led Sri Lankan department-store and lifestyle retailer combining apparel with accessories, beauty, gifts and other consumer merchandise. The brand has historically positioned itself around accessible fashion, curated department-store shopping and locally relevant products for both residents and visitors.

• Department-store retail · 1990

  Odel department stores

  Odel's core retail format combines fashion and apparel with accessories, beauty, gifts, home and lifestyle merchandise. The format evolved from the company's original focus on factory-surplus garments into a broader department-store proposition serving urban shoppers and visitors in Sri Lanka.

• Clothing · 1989

  Fashion apparel

  Apparel was Odel's original commercial focus and remains central to its identity. The brand developed by selling factory-surplus garments before expanding into a larger fashion-retail assortment distributed through stores in Colombo and other Sri Lankan cities.

• Souvenirs and lifestyle retail · 2012

  Luv SL

  Luv SL is an Odel concept-store format launched in 2012. It offers stylish souvenirs and Sri Lanka-related products intended for both local consumers and tourists, with locations reported at the Queen's Hotel in Kandy and the Old Colombo Dutch Hospital shopping precinct.

• 2014

  Softlogic acquires the founder's majority holdingM&A

  Background

  Otara Gunewardene remained associated with Odel as its founder and majority shareholder after the company's earlier expansion and listing.

  Action taken

  Gunewardene sold her majority shareholding in Odel to Softlogic Group.

  Aftermath

  Odel became part of Softlogic's retail portfolio, and Softlogic subsequently increased its ownership.

  Transaction value. LKR 2.7 billion (September 2014)

  Source

• 2012

  Launch of Luv SLProduct launch

  Background

  Odel sought to broaden its retail offer and serve consumers looking for locally themed products.

  Action taken

  The company launched Luv SL, a concept-store format centered on Sri Lankan souvenirs and related lifestyle products.

  Aftermath

  Stores were opened at the Queen's Hotel in Kandy and the Old Colombo Dutch Hospital shopping precinct.

  Source

• 2012

  Parkson Retail Asia takes a strategic stakeM&A

  Background

  Odel was an established listed fashion retailer with a growing Sri Lankan store network.

  Action taken

  Parkson Retail Asia Limited purchased 41.82 percent of Odel.

  Aftermath

  The transaction introduced a strategic retail investor before the later transfer of majority control to Softlogic Group.

  Purchase consideration. LKR 1.424 billion (July 2012)

  Source

• 2010

  Conversion into a public company and stock-market listingStrategy

  Background

  Odel had expanded from a small apparel retailer into a multi-store fashion and department-store business.

  Action taken

  The company was converted into a public limited liability company in February and listed on the Colombo Stock Exchange in July.

  Aftermath

  Odel became the first fashion retail business in Sri Lanka to be listed on the exchange.

  Source

• 2016

  Softlogic increases its ownership of Odel[1]Odelen.wikipedia.org

  M&A

  Softlogic's holding had increased to 96.67 percent of Odel by 30 June 2016.

• 2014

  Softlogic Group acquires Odel majority shareholding[1]Odelen.wikipedia.org

  M&A · Leadership change

  Otara Gunewardene sold her majority holding in Odel to Softlogic Group for approximately LKR 2.7 billion, beginning the brand's transition into Softlogic's retail portfolio.

• 2012

  Parkson Retail Asia acquires a stake in Odel[1]Odelen.wikipedia.org

  M&A

  Parkson Retail Asia Limited purchased a 41.82 percent interest in Odel for approximately LKR 1.424 billion.

• 2012

  Odel launches the Luv SL retail concept[1]Odelen.wikipedia.org

  Product launch

  Odel introduced Luv SL, a concept-store format focused on stylish Sri Lankan souvenirs and related products for local and international shoppers.

• 2010

  Odel becomes a public limited company and is listed on the Colombo Stock Exchange[1]Odelen.wikipedia.org

  Other

  Odel was converted into a public limited liability company in February 2010 and became the first fashion retail business listed on the Colombo Stock Exchange in July of that year.

1. 1Odelen.wikipedia.org