Von Dutch Managing Director joins as Chief Executive Officer
15 May 2007
Hot Tuna (International) PLC (AIM:HTT), a lifestyle apparel brand with authentic surf heritage, is pleased to announce the appointment of Mr Niels Anders Juul, aged 44, as Chief Executive Officer of the Group with effect from 1 June 2007. Mr Juul joins Hot Tuna from Von Dutch, a high profile international clothing company, where he was most recently Managing Director.
This appointment marks a significant strengthening of the Board and Mr Juul brings considerable experience and an impressive track record to Hot Tuna. With a background in advertising agencies and a strong history in senior management positions within the apparel and eyewear industry, Mr Juul was a member of the original executive team at Von Dutch and a key part of its success. As Managing Director of Von Dutch, Mr Juul was not only responsible for overseeing the overall brand development and positioning, but also led a team in establishing Von Dutch internationally, utilising his 10 years' of previous experience of building international operations at Filtenborg, His knowledge of the global retail markets will be integral to Hot Tuna's future development. During his time at Von Dutch, Mr Juul successfully managed a growth in turnover over three years, from US$5 million, which at that time primarily occurred through a narrow US distribution, to over US$50 million in global sales of adult apparel alone.
Commenting on the appointment, Ranjit Murugason, Executive Chairman of Hot Tuna (International) PLC, said: "The Board is delighted to welcome Niels to the Group, his knowledge and expertise will greatly benefit Hot Tuna's development. The phenomenal success he achieved during his time at Von Dutch, and his experience of the industry promises to significantly strengthen Hot Tuna's senior management team, and we look forward to working with him to implement his ideas and progress the Group's development."
Mr Juul said: "I am excited about applying to Hot Tuna what I have experienced at Von Dutch; using tools such as innovative branding, gorilla marketing and a strong business strategy, I look forward to evolving the Hot Tuna brand. With the tremendous heritage of Hot Tuna, I see an exciting opportunity to boost the presence of a label that dares to be different, and is as cutting edge as it was in its original form, back in Australia in 1969. Working with Elle Macpherson and her sharp creative vision, I believe that Hot Tuna will make a lasting impression in the surf-market. Through an uncompromising approach to product development, it has the potential to make a real impact as a young fashion label, because it represents a culture, an attitude and a lifestyle that is truly global."
Mr Juul will be issued with options to subscribe for 2 million ordinary shares in the Group. Of these options, 600,000 options will be exercisable after 1 September 2008 at an exercise price of 25 pence per share, 600,000 options will be exercisable after 1 September 2009 at an exercise price of 50 pence per share, and 800,000 options will be exercisable after 1 September 2010 at a price of 75 pence per share. All options are exercisable for a period of five years from the date they first become exerciseable. Any unexercised options will lapse in the event of Mr Juul ceasing to be a director or employee of the Group other than in certain specified circumstances.
Current Directorships
Von Dutch Europe Limited
There are no further disclosures to be made regarding this appointment under Schedule 2 paragraph (g) of the AIM rules.
For further information:
| Hot Tuna (International) PLC | |
| Ranjit Murugason, Executive Chairman | Tel: +44 (0) 20 7372 9378 |
| ranjit_murugason@hottunaplc.com | |
| Seymour Pierce Limited | |
| Sarah Wharry / Parimal Kumar | Tel: +44 (0) 20 7107 8000 |
| parimalkumar@seymourpierce.com | www.seymourpierce.com |
Media Enquiries:
| Abchurch | |
| Henry Harrison-Topham / Chris Lane | Tel: +44 (0) 20 7398 7700 |
| chris.lane@abchurch-group.com | www.abchurch-group.com |
Notes to Editors:
Hot Tuna International PLC (AIM:HTT) owns the rights to the Hot Tuna brand, a progenitor of global youth fashion, born in Australia with a heritage of authentic surf culture.
Hot Tuna is one of the world's most iconic names in surf lifestyle and can trace its roots back to 1969 when it was founded by a surfer and his fashion designer wife. Though the label had not been actively marketed over for the last decade, it retained an organic cult status among core action sports enthusiasts.
In June 2005, Hot Tuna International PLC purchased the 'Hot Tuna' brand from Frontier International (Holdings) Pty Ltd, listed on AIM in September 2005, and has since started to aggressively market the brand and reinvigorate the business. The Company now owns all intellectual property rights to its name and related iconography, and has put in place key management drawn from the executive ranks of Quiksilver, O'Neill and Ocean Pacific, among others.
Headquartered in the UK, Hot Tuna operates design, marketing and distribution hubs in the USA, Australia and the UK. In its core markets, Hot Tuna sells products, which are directly manufactured in facilities in North America, Europe and in China.
Hot Tuna offices are maintained in Sydney, Los Angeles and London. For more information, visit www.hottunaplc.com
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