Odel acquires Softlogic Brands for Rs.600mn

25 March 2015 06:53 am

​Odel PLC has acquired Softlogic Brands (Private) Limited for a consideration of Rs.600 million, the fashion retailer said in a stock market filing.
Both Odel and Softligc Brands are subsidiary companies of Softlogic group.
According to the filing, Softlogic Brands possesses the largest international branded apparel and fashion accessory portfolio in Sri Lanka with over 41, 000 sq.ft. of prime retail space in Colombo, in which 20 brands are being retailed. 
“The group’s decision to enter into this transaction was mainly inspired by the post acquisition synergies, industry growth and favourable macro-economic conditions such as increasing purchasing power of consumers and growth in the tourism industry,” the filing noted.