Home / Knowledge / News / Apparel/Garments / Australian market continues to perform strongly - Hot Tuna
Australian market continues to perform strongly - Hot Tuna
Apr '10
Hot Tuna (International) PLC announces that it has successfully raised £1.5 million (gross) through a placing of 500,000,000 new ordinary shares of 0.01 pence ("Placing Shares") at a price of 0.3 pence each with new and existing shareholders ("the Placing").

The Board is particularly pleased that, in addition to its two largest institutional shareholders supporting this fundraising, a number of new high quality institutional investors have participated. As well as institutional support, Geoff O'Connell, CEO, and Kiran Morzaria, Non-Executive Director, have both subscribed for 8,333,333 new ordinary shares in the Placing.

The net funds will be used to continue the development of product across all ranges and increase production for the upcoming ranges this year.

The Group's performance for the six months to 31 December 2009 has been in line with management's expectations. Revenue; compared to the same period last year has been less robust due to the challenging retail environment and the lack of funds to allow production to continue at the same level as the year before.

However, following a cost cutting programme and efficiency drive, the Company reduced its operational loss by 21.1% to £543,000.

During the period, the Company made a number of changes to enable further efficiencies within the business. Main production was relocated from China to Turkey providing an extended selling season for its Summer 2010/11 collection in Europe due to shortened transportation times. The Company also reduced its discount stock by 50%.

In Europe, the Company is pleased to announce a number of new partnerships with high profile e-tailers including ASOS.com, EMP.com, Amazon.com, Shreadhead.com and Surfdome.com. These new e-tail partnerships will significantly expand the number of internet users exposed to the Hot Tuna product range and will enable the product to be sold for the first time in France and Italy.

The US business has undergone a full restructuring and is now a leaner, more focused operation capable of servicing existing major partners including Delias, Karmaloop and Victoria's Secret.

Australia continues to produce good returns from its major account customers including Myers and David Jones, and uptake of new product lines for 2010/2011 has been encouraging. Product expansion of men's and women's swimwear into the Australian market will be completed by end of 2010/2011.

Current trading and outlook
The spring/summer and autumn/winter collections have been very well received. Both collections were presented at the major trade shows in Europe and North America with significant interest from retailers in all regions.

The focus has been on a design led offering which differentiates itself from other surf apparel. In addition to improving the design element and ensuring each garment displays the iconic pink piranha, the Company has refined the product offering to focus on t-shirts, board shorts and swimwear.

Must ReadView All

Textiles | On 23rd Feb 2017

Incentives would spur jobs: New ASSOCHAM president

Further incentives for investment into manufacturing, IT,...

Information Technology | On 23rd Feb 2017

Lectra unveils supply chain programme for fashion industry

Lectra, the world leader in integrated technology solutions dedicated ...

Textiles | On 23rd Feb 2017

Gujarat govt announces Rs 1,000 cr package for MSMEs

In its state budget for 2017-18, the Gujarat government has announced ...

Interviews View All

Smita Murarka

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Rashi Menda

Every fifth sale we make on Zapyle is a repeat purchase

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Marcel Alberts

Coating at a fibre level is a practice not usually seen in the...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Igor Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search