News > Hot Tuna in Deep Water with Large Pre-Tax Losses
Hot Tuna finds itself in deep water with pre-tax losses of £5.2 million despite an increase in sales of 81% for the year ending June 2008.
Hot Tuna was born in Australia in the late sixties. The early following amongst the surfing fraternity soon developed into a fashion brand with mass global appeal within youth culture.
Chief executive Neils Juul, who joined the fashion brand last year from designer label Hooch, remains positive.
"2008 was a difficult and challenging year for Hot Tuna but we have now completely overhauled all aspects of the apparel "machine" and streamlined the Company's sourcing program and logistics, while focusing on shifting our distribution strategy from independent retailers to a greater focus on department-stores and major on-line retailers."
Deals have been signed with large retailers such as ASOS, Littlewoods and Debenhams. But by turning their back on the independents, are the brand at risk of damaging its edgy, contemporary and slighlty counter-cultural image?
Apparently not. Neils Juul comments, "this hard work has been recognised by our customers and we have been very pleased with the response from them to our new collection with a strong order book for the Spring Summer collection providing us great confidence and hope for 2009."
