Odel | online fashion store | investor centre | Sri Lanka
Odel, Sri Lanka’s premier lifestyle brand became the first ever fashion retailer in the country to go public. The Company’s Initial Public Offering was held on the 5th of July 2010, and was oversubscribed by over 63 times within 24 hours after it opened.
The Odel share commenced trading on the Colombo Stock Exchange on the 4th of August 2010, and was trading at over Rs. 30/= since the start from its issue price of Rs. 15/=.
With its flagship store located in the heart of Colombo, Odel has 15 successful lifestyle stores situated in commercial and strategic locations in the country, all with one nameplate – Odel. In 2011, a new concept was launched with standalone stores namely LUV SL, that offers a complete range of Sri Lankan inspired souvenirs. The first LUV SL store was opened at the Dutch Hospital Shopping Precinct in Fort followed by the second store at Queens Hotel in Kandy. Since its inception in 1990 to date, Odel has expanded its floor space to over 145,000 sq. ft., and its workforce has grown to include approximately over 850 employees.
The award-winning and newly revamped site, www.odel.lk also offers online shoppers the same unique ‘Odel experience,’ coupled with sophisticated, seamless e-commerce functionality from the comfort of their homes or offices.
In July 2012, ODEL announced a significant change of ownership, with Parkson Retail Asia Limited (PRAL.SI) agreeing to purchase a 41.82 per cent stake in the company for Rs 1.424 billion. The transaction is to be followed by a mandatory offer to minority shareholders and a 1 for 1 Rights Issue that will raise Rs 2.899 billion in capital for expansion of the 22 year old fashion retail brand. Following the acquisition, Ms Gunewardene retains a 27.88 per cent stake in ODEL PLC and will continue to be the company’s CEO.
The proceeds of the Rights Issue amounting to Rs. 2,899,000,000 (Rs 2.899 billion) are to be utilised in the company’s future investments in retail spaces.
You can use the information here to know more about Odel’s latest news stories, financial performance, annual reports, share price trends, shareholder information and so much more.
This is where you will find the formal records of Odel’s financial activities. These reports are up-to-date, and presented in a form that is structured and readable.
Sri Lanka’s best known fashion and lifestyle retailer Odel has posted sales of Rs 4.5 billion for the year ending 31st March 2013, achieving healthy top line growth of 16 per cent, despite a challenging fourth quarter.