Home / Knowledge / News / Apparel/Garments / Sri Lankan fashion retailer plans overseas expansion
Sri Lankan fashion retailer plans overseas expansion
04
Aug '12
Sri Lanka-based fashion retailer Odel Plc is pondering on prospects of expanding in foreign markets with its new East-Asian partner, Parksons Retail Asia.
 
Parksons Retail Asia, a department store marking its presence in Vietnam, Indonesia and Malaysia, of late, acquired a 41.8 percent stake in Odel Plc for a price of Lk Rs. 1.424 billion.
 
Eyeing to promote its range in overseas market, Odel, which holds franchise for its stylish women’s fashion accessory brand ‘Backstage’ in Singapore and Male, is exploring alternatives for next stage of expansion in countries like India, Bangladesh and Pakistan.
 
The Sri Lankan retailer believes that Parkson’s entry would allow it a better chance to take its brands outside the island. 
 
Odel has successfully developed its unique personalized brands like ‘Odel’, ‘embark’, ‘Backstage’ and ‘LuvSL’, which has placed it a step ahead of other fashion retail chains. The company says it would continue developing its personalized brands to keep pace with the changing global department store trends.
 
Operating 17 retail chain outlets across Sri Lanka, Odel launched a chain of stores in Colombo’s suburbs in 2011, with its most recent opening in Wattala, which was mainly influenced by increased urbanization and changing consumer lifestyle trends.
 
During last fiscal that ended on March 31, the company achieved a turnover of Lk Rs. 3.8 billion, which is a year-on-year rise of 15 percent.
 
With plans to launch stores in key locations with good market potential, last fiscal turned out to be a year of expansion for the company.
 
Operating with a workforce of 430 people, Odel features products of around 1000 suppliers, including 200 domestic and overseas factories.
 

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 23rd Jun 2017

Textile ministry organises training workshop on GST

The ministry of textiles had organised training workshop on GST which ...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Interviews View All

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search