Sri Lanka’s retail fashion industry is signaling an evolution supported by many developments taking place in the local market including the entry of select international fashion brands, says ODEL PLC.
Odel, the country’s leading fashion retailer made announced this observation while commenting on its latest annual report.
It also points out that this situation signals that Sri Lanka’s retail industry is maturing.
According to Ruchi Gunawardena, the Chairman of the listed ODEL PLC, many international retailers are looking to enter the local market.
“The entry of international brands to the market is as a result of the growth in tourism as well as an increase in consumer spending”, added ODEL.
It believes that producing a large number of fashion designers through well-established design schools too has helped this evolution.
“A select few of these designers have established fashion labels and have had their collections featured at forums such as Colombo Fashion Week as well as in regional and international fashion events”, added ODEL.
ODEL perceives this upsurge in talent and the entry of international brands as a future promise for the industry.
The fashion retailer also observes that the commerce between Sri Lankan designers, retailers and consumers is definitely gaining more ground.
ODEL, which has achieved a net profit of Rs. 202 million during the year 2011/2012 believes, that these latest trends translate into healthy competition for the retailer.
ODEL was found by model turned entrepreneur Otara Gunawardena who has first set up her shop in the boot of her car.http://www.news360.lk/business-finance/news-sri-lanka%E2%80%99s-16-07-2012-retail-fashion-industry-is-signaling-an-evolution-odel-887865