Softlogic group acquires iconic fashion brand Cotton Collection
View(s):Sri Lankan fashion retail, Cotton Collection Pvt Ltd, in a stunning announcement, said this week that it has sold all its shares to ODEL PLC, a subsidiary of Softlogic Holdings PLC.
Ms. Esufally Anverally
Ashok Pathirage, Chairman of Softlogic Holdings PLC
The brand was bought by the Softlogic Group as it was the perfect fit for their well-established, diverse retail network and accelerated expansion plan. Niloufer Esufally Anverally, the founder and creator of Cotton Collection maintains ownership of her alternate brand Leather Collection, Cotton Collection said in a media release.
“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,” it said.
Ms. Esufally Anverally 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 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.”
Ashok Pathirage, Chairman of Softlogic Holdings PLC, noted: “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. Fashion and the interest therein, is only growing.”
| Cotton Collection acquired for Rs. 300 m ODEL, part of the Softlogic Group, has paid Rs. 300 million to acquire the business of retailer Cotton Collection, the Colombo Stock Exchange was informed on Wednesday. The announcement from ODEL follows a media release issued on Tuesday of Cotton Collection’s acquisition by the Ashok Pathirage-led Softlogic Group making it the largest retailer in Sri Lanka. | |