Economy

Otara hopes to devote more time and energy into her animal welfare project, Embark (File Photo)

Otara sells Odel to Softlogic

Thu, 11 September 2014 04:31

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(NIDAHASA News) Otara Gunawardena, the visionary founder of Odel fashion chain has disposed all her shares in the company this morning.

The 50-year-old entrepreneur along with her family members have sold out their 44.5 percent of shares for about 2.6 billion rupees to the Softlogic group, officials said.

In a statement, Otara explained her move as an essential step to take the renowned fashion chain in to the "next level".

"This requires the entry of a larger player with a deep commitment to retailing: which I believe can best be provided by the Softlogic Group, which has a proven history of dynamism and perhaps an unrivaled track record of such operations in Sri Lanka," statement said.

Otara, in her statement, said that she is hoping this move will allow her to devote more time and energy into her animal welfare project, Embark.

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