“There has been some foreign interest in the Odel shares and a transaction over a couple of millions took place last week,” stated Odel founder and Chief Executive, Otara Gunawardene to Ceylon FT at the launch of the Odel Spring Collection held last Sunday at the Odel flagship store.
She also stated that the share bought by the American company was not a very fluid one. “Odel is doing well in the stock market as we have picked up from the drop faced in the recent past. Odel’s shares have been quite stable and the growth has been good, despite the fluctuations faced and we hope to keep the momentum going.”
Bearing 17 outlets located within commercial and fashion hubs in the country the flagship store at Alexandra Place, Colombo 7, attests as the first department store in Sri Lanka.
Odel, being one of the fast growing retail brands in the country, is one of the few brands in Sri-Lanka to enter the overseas market. The majority of the product mix of the company being sourced locally, having over 1,000 suppliers and over 300 factories the company also involves in wholesale export of garment to the Maldives, the Middle East and Europe.
“In terms of revenue generation the launch of our newest collection and the opening of a couple of outlets in the near future are looked at, including a branch at K-Zone Ja-ela.”
Speaking about Odel’s collaboration with the Colombo Fashion Week, she stated that the company has not been part of the show this year, after the launch of ‘embark’ and her own ‘Otara Collection’ last year.
The Spring Collection launched on Sunday was themed ‘Monochrome’. A predominant black and white collection with splashes of bold colours added.