Otara sells 44.5% shares of Odel to Softlogic

The Founder of ODEL Sri Lanka Otara Gunewardene and the directors Ajith Gunewardene and Ruchi Gunewardene sold out 44.5 percent of their company shares to Softlogic Holdings PLC an official said.

The shares has been sold for 22 rupees per share to Softlogic at the Colombo Stock exchange. A source said the shares had been sold for about 2.6 billion rupees. Odel Plc is a unit of Malaysia's Parkson Retail Asia Limited.

As at 30th June 2014, Otara held 80.8 mn shares, Ajit 39.4 mn whilst Ruchi held 1.0 mn shares in Odel Plc.Regional department store operator Parkson Retail Asia holds a 47.46 per cent stake in retailer Odel. Odel celebrated 25 years of fashion retail yesterday.

The business which began, incredibly, with the sale of export surplus clothing from the boot of founder Otara Gunewardene’s station wagon when she was in her early twenties, is now a chain of 20 fashion forward stores with annual sales in excess of Rs 4.6 billion. Over the past two and a half decades Odel has emerged as an iconic department store and a brand that is often compared to Harrods and Harvey Nichols, and come to epitomize the definitive lifestyle and shopping experience in Sri Lanka.

Odel recently disclosed plans to enter the Indian market with an aim to retail private labels under its fold through single brand outlets instead of offering the product range through multi-brand outlets.Softlogic Holdings is owned by billionaire businessman Ashok Pathirage, whose group has interests in healthcare and leisure sectors in the country amongst others.

MEDIA STATEMENT ISSUED BY OTARA GUNEWARDENE

I wish to inform the public that I, along with my family members Ajit Gunewardene and Ruchi Gunewardene, have disposed all of our shares in Odel Plc this morning to the Softlogic Group.
I believe that the sale of our shares to the Softlogic Group is in the best interest of Odel Plc, and a natural progression to its continued growth.

Having being nurtured from a simple retail operation from a car boot into one of the largest retail businesses in Sri Lanka during the last twenty five years, Odel Plc now needs to move to the next level of retailing in order to be competitive, locally and globally.

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 unrivalled track record of such operations in Sri Lanka.

Apart from the overall interests of the growth of Odel Plc, my decision to sell out of the company is also based on my personal desire to focus on another passion I dearly treasure in life: the pursuit of a mission to ensure the welfare of animals and the development of the Embark brand which funds such programs.

The sale of my shares in Odel Plc will hopefully provide me with more time and energy to devote to these activities in the future.

I wish to state that I will continue my association with Odel Plc over the foreseeable future , and will provide all assistance and cooperation during the period of transition.

In conclusion, I wish to express my sincere thanks to all my shareholders,customers, stakeholders and all well- wishes who have made this a truly wonderful journey.

I hope that you will continue to support Odel Plc in the future.

Otara Gunewardene's Birthday

The charismatic chairperson of Odel Limited, Ms. Otara Del Gunewardene, celebrated her 48th birthday today (Aug. 30).

The employees organized a small function to celebrate the event.

Otara Gunewardene to act in a movie

Founder and CEO of Sri Lanka's iconic fashion line, ODEL, Otara Gunewardene is referred to by many as 'Balu Nona' (Dog Lady), reports say. Otara is well known for her love of "man's best friend" and therein lies the reason for her nickname.

Buzz says that Otara received several offers to act in films recently.

However, she has rejected all but one.

Otara is to join 'Hero Nero', produced by Nishantha Pradeep and Directed by Pradeep Mahesh.

The lead role of the film will be a dog and reports say that Otara has said yes to the film because of this reason.

'Hero Nero' will also feature a cast including Sangeetha Weeraratne, Mahinda Pathirage, Duleeka Marapana, Sunil Premakumara, Amarasiri Kalansuriya (guest apprearance), Premadasa Withana and six child actors.

Odel and the T shirts with imprint of the Sri Dalada Maligawa

Two employees of a ready made garment boutique at Dalada Veediya, Kandy appeared in court in connection with having for sale T-shirts with the imprint of the Sri Dalada Maligawa were released on a bond of one million rupees each by the Acting Chief Magistrate of Kandy Ms Jayaki de Alwis on yesterday.

The two men Bandara and Thuwan were ordered to appear in court on February 02.

The magistrate ordered the Kandy Police Headquarters Inspector to prduce a full report of the discovery of the T-shirts with picture of Sri Dalada Maligawa printed on them with a statement from the owner of the garment sales outlet, by February 02.

Attorney at law Nishantha Gunasekera appeared for the suspects.

The suspects and the collection of T-shirts were recovered from the garment sales centre by Kandy police following on a tip off given by two men of Kandy.

We get to know that Odel the fashion chain which own by Otara Del Gunewardene responsible for selling this T shirts.

ODEL CEO Otara Gunewardene’s Photos

The 46 years old charismatic owner of Odel... Otara Gunewardene.. is a Sri Lankan entrepreneur.. Model... She is the founder and CEO of the brand ODEL. Otara ventured into selling garments from the boot of her car. In 1989, having rented a small place on Lester James Peries Mawatha (Formally ‘Dickman’s Road) in Colombo 4, she opened ODEL - the first of a chain of retail outlets.

recently her name came to talk with ODEL IPO and most recently the incident happen with Teledrama actress Udari chamika... and people was taling against Odel CEO, Otara Gunewardene for releasing photos of Udari Waarnakulasooriya kneeling down before security guards when Udari was caught for shoplifting at Odel.


we have received some charming photos of otara... 

 

 

Otara Gunawardena's Udari chamika Scandal

Udari chamika' kneeling down with stolen stuff photos :::

ODEL CEO Otara Gunewardene’s Udari Chamika Scandal

Our post Exclusive : Udari got caught in odel Photoes ( kneel dwon with stolen stuff ) is receiving many comments regarding the incident. Many people comment against Odel and Ms Otara for releasing Udari's photos after taken she got caught. Also there are some people are defending Otara's actions. Today one of our reader has sent us a article which is published "srilankaguardian" regarding this discussion. We found that all the comments Quoted from the discussion which is going uder above post.

Here is the guardian article.

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by Raj Wijewardana from Colombo(November 18, Colombo, Sri Lanka Guardian)

Bloggers around the world reacted strongly this week against Odel CEO, Otara Gunewardene for releasing photos of Udari Waarnakulasooriya kneeling down before security guards when Udari was caught for shoplifting at Odel.

Otara’s security guards had made Udari to kneel down and photographed her upon arresting her. The team had later released the photos to media.

However, bloggers around the world saw this incident differently.

“Whoever who has posted these pictures has violated her human rights. Udari should take legal actions against this. What she has done is wrong but ODEL has no right to kneel down this girl or to take pictures of her and publicize. This is totally ridiculous. Everyday ODEL catches so many people stealing but do they take pictures and give publicity like this? Just because she was a celebrity in this small country all these shameless frogs are gathering around to laughs. Look at your own sins people. This is so shame ODEL. Pathetic!,” according to one blogger from Colombo.

“If Otara thinks that she can make a person kneel down by blackmailing, threatening and abusing her, further debase her by taking photos of her even without her consent and finally denigrate her by publishing those photos on the World Wide Web for everybody to see then it shows what a sadist Otara is. Otara's money is at work and that is why there is nobody to bring Otara to books despite her provable act of violating fundamental human rights of Udari Chamika Warnakulusuriya. (I do not want to talk about how Mangy(Mangala Samaraweera) helped Otara to purchase the block of land in Town Hall where the Odel store is now located.)

Udari is not the first or last shoplifter who got caught at Odel but the particular way in which Otara has treated Udari must be properly analyzed. Hell hath no fury like a woman scorned. Otara, who gets insulted, annoyed and jealous whenever she notices a younger female body, somehow finds a way to screw them up. This time her victim was Udari. Next time it can be you if you are a pretty girl with a sex appeal. Be careful if you visit Odel. The best thing is to avoid Odel and keep your dignity,” according to another blogger.

“Isn't there are a way to sue Odel for taking law into their hands? Can a privately owned business establishment be allowed to play at being judge, jury and executioner in this manner?” another blogger said.

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