Aug 29, 2018 (LBO) – Sri Lankan fashion retailer, Cotton Collection Ltd. yesterday announced in a statement it has divested for an undisclosed amount its shares to ODEL Plc, a subsidiary of Softlogic Holdings Plc.
Niloufer Esufally Anverally, the founder and creator of the all-Sri Lankan brand Cotton Collection, maintains ownership of her alternate brand Leather Collection, it 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 Founder and Managing Director Anverally said.
“The 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 dynamic 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, Anverally added.
Softlogic Holdings Plc Chairman Ashok Pathirage said with increased tourism, urbanisation, a growing middle income bracket and the soon-to-be-opened upcoming malls, namely the CCC Mall which will open in September of 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 will offer and thereby further consolidate our presence in this segment.
Capital Alliance Partners Ltd. (CAL) functioned as the financial advisor to Anverally on the transaction.
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.