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Hot Tuna placing nets £1.1m

Thu, 13th Aug 2009 07:48

Hot Tuna, the surf-oriented fashion label, has raised more than £1.1m through a placing to increase its product offering and expand into new markets.It also announced that executive director Geoff O' Connell will become chief executive with immediate effect. O' Connell was appointed to the board of directors after Niels Juul stepped down as chief executive in April. O' Connell has been general manager of Hot Tuna's European business since 2005 and also oversaw the restructuring of the firm's Australian operations in 2008. The firm said his experience Australian and UK retail markets would help the company expand across these regions.In June, Hot Tuna said the trading environment has remained difficult, but added that it had transformed itself into a much leaner and higher gross margin business.