Odel is a Sri Lankan fashion and department-store retailer that grew from a small apparel outlet into a nationally recognized multi-category retail brand.
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Overview
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.
History
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]Softlogic's reported stake in Odel reaches 96.67 percent by 30 June.
- 2014
Softlogic acquires founder's majority holding
[1]Softlogic Group purchases Otara Gunewardene's majority shareholding.
- 2012
Expansion to Kandy and launch of Luv SL
[1]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]The company becomes public and is listed on the Colombo Stock Exchange.
- 2005
Airport store opens
[1]Odel opens a store in the departure and transit lounge of Bandaranaike International Airport.
- 2000
Alexandra Place store is expanded
[1]The Alexandra Place flagship grows to approximately 3,700 square metres.
- 1996
Alexandra Place flagship opens
[1]Odel opens a large flagship store at Alexandra Place in Colombo.
- 1994
Second store opens at Majestic City
[1]Odel expands its Colombo retail network with a store at the Majestic City shopping complex.
- 1990
Odel is incorporated
[1]Odel is registered as a private limited liability company on 31 October.
- 1990
First store opens in Colombo
[1]The first approximately 37-square-metre store opens on Dickmans Road in Colombo.
Products and positioning
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.
Brand decisions
2014
Softlogic acquires the founder's majority holdingM&ABackground
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)
2012
Launch of Luv SLProduct launchBackground
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.
2012
Parkson Retail Asia takes a strategic stakeM&ABackground
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)
2010
Conversion into a public company and stock-market listingStrategyBackground
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.
Sources1 sources
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