[2] Starting out as a single company focusing on the retail garment trade, Odel developed over the years to become the first department store in the country.

[3][4] The company started when Otara Gunewardene began selling factory surplus garments and apparel from her car boot to family and friends in 1989.

On 24 February 2010, it was converted into a public limited liability company and in July Odel became the first fashion retail business to be listed on the Colombo Stock Exchange.

[10] In July 2012 Parkson Retail Asia Limited purchased a 41.82 per cent stake in the company for Rs 1.424 billion.

[11] In September 2014 Gunewardene sold her majority shareholdings in Odel PLC to the Softlogic Group for LKR 2.7 billion.