Launch of online store for US customers
23 October 2007
Hot Tuna (International) PLC (AIM:HTT), a lifestyle apparel brand with authentic surf heritage, today gives an update on the Australian launch of the Hot Tuna boys ranges into Myer and David Jones. The launch has exceeded initial expectations, and it is anticipated that the ranges will be a sell out before Christmas 2007. This has put the Group in a strong position for the expansion of the Hot Tuna boys and girls ranges into these two major department stores in Australia in 2008.
Typically, buyers anticipate a brand to have an average sell through of 5% per week; Hot Tuna has had an average sell through of 10%, which places it amongst the strongest performing brands. This success illustrates the positive changes that have been made to the design process, combining highly commercial styling with key price points to drive sales.
Michael Geddies, Head Buyer of Myer, commented on the launch: "This season Myer launched the surf brand Hot Tuna in our Boys 8-16 area. The unique styling of the items and the great value offered was well received by our customers. The immediate acceptance of Hot Tuna and the resulting strong sales exceeded our expectations, making Hot Tuna the most successful new brand in this area in recent times. The June and July ranges experienced sell throughs in excess of 10% per week on numerous items. This enabled us to repeat items for the peak selling period of November to January."
The Group also announces today that its online store is now live at http://www.hottunaint.com/catalog/, allowing customers in the United States to purchase Hot Tuna apparel through the website. The Group will be rolling-out the website globally over the coming year. The site will initially sell the Spring 2007 men's range, and there are currently approximately 30 styles available through the online store. The launch of the US online store coincides with the re-launch of the Group's website.
Niels Juul, CEO of Hot Tuna, commented: "We are delighted with the performance of the orders for Myer and David Jones, which illustrates our presence in the Australian market.
"The launch of the online store for US customers is very exciting, as it will provide Hot Tuna with another platform to access our target market. We are looking forward to seeing the strengthening of the brand through this new sales
channel, and are keen to expand on what is already on the site. The global roll-out of the online store will commence shortly and we expect to be able to offer customers online access to our products in all target geographical markets within a year."
For further information:
| Hot Tuna (International) PLC | |
| Ranjit Murugason, Executive Chairman | Tel: +44 (0) 20 7372 9378 |
| ranjit_murugason@hottunaplc.com | |
| Seymour Pierce Limited | |
| Mark Percy / 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 Von Dutch, 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 principally in China.
Hot Tuna offices are maintained in Sydney, Los Angeles and London. For more information, visit www.hottunaplc.com