Just crossing little less than 5 years since buying out Sri Lanka’s Retail Queen started Odel via a combined bank leveraged buyout, Sri Lanka’s Leverage King titled Ashok Pathirage controlled Softlogic group had bought another branded retail clothing venture ‘Cotton Collection’ a social media post outlined Tuesday (28).
Releasing an official communique via ‘Cotton Collection’ facebook page, Cotton Collection said that “After 27 years of creating a legacy in the fashion industry, Niloufer Esufally Anverally steps down as the Managing Director of Cotton Collection, as Softlogic takes on the mantle”. The post further added that Niloufer Esufally Anverally will hereafter focus on her personal life moving away from the business she founded little over two and a half decades ago.
The newest acquisition by Softlogic further strengthens Sri Lanka’s Softlogic founder Ashok Pathirage’s position as the ‘Branded Retail Clothing King’ status in Sri Lanka according to analysts. Ashok Pathirage’s vision had recently restructured his retail business bringing in all the branded clothing franchises and other branded accessory franchises he hold to the inside spaces of Odel Malls and Odel stores which in turn had helped his business empire grow as a Healthcare, Retail and IT conglomerate.
Just two years ago Cotton Collection celebrated 25 years on June 1, 2016, with a news conference at the company’s flagship store on Dharmapala Mawatha. Cotton Collection was established in 1991 by Niloufer; a time when there was ‘no internet, iPhones or social media’. Coming from a family of entrepreneurs who control Hemas group owned Esufallys, that time Niloufer ventured into a few garment factories, walking out with a few quality pieces of clothing that she sold to her friends. The business grew until she opened her first store at Majestic City and launched Leather Collection at Liberty Plaza; the brand slowly but steadily grew bigger with stores at Flower Road, Pelawatte, Dharmapala Mawatha and in Kandy. In 2011, Cotton Collection opened its flagship store on Dharmapala Mawatha.
Whilst two Queens named Otara and Niloufer from Sri Lanka's retail branded clothing industry exited selling their brands to 'Branded Retail King', market analysts also are forecasting that Sri Lanka's 'Foremost Billionaire' who has a monopolistic power in Sri Lanka’s Casinos, Tiles, Aluminium, Non-Banking Finance Sector, Shipping, controlling over 50% of Market share – Dhammika Perera had appointed Odel founder Billionaire Otara to country’s largest retail store giant Singer, which may signal that Otara’s entrance to Singer board may hint Billionaire Dhammika Perera may step into ‘Retail Clothing’ again via Singer. Perera had earlier tasted and left ‘Retail Clothing’ many years ago through exiting from ‘Beverly Street’ business due to higher import taxes according to him, which was quoted in earlier media reports.
- Reporting by Devendra Francis
