2nd Dec 2005 10:24
Hot Tuna (International) plc02 December 2005 2 December 2005 Hot Tuna (International) PLC ("Hot Tuna" or "The Company") Acquisition of iconic UK street wear brand MAP Hot Tuna (International) PLC (AIM: HTT), a leading surf lifestyle brand, hascompleted the acquisition of a 75 per cent. interest in Map Print Ltd ("Map"),the iconic UK street wear brand. MAP began 13 years ago in North London and is the creation of designer andco-founder Oscar Verden, recently appointed as Hot Tuna's Creative Director forEurope. Specialising in the fast growing teen market, MAP is able to service amajor retail infrastructure and has distribution agreements for its products inleading street wear shops including Cult Clothing (which recently opened a flagship store in Soho), Top Shop, Ark (eight store retail operation which began inLeeds in 1994) and in major retail chains including the House of Fraser. MAPalso has licensees in Australia and South Africa. Map's strong position in the street wear and teen market place allows Hot Tunato fast track a rollout of its product range into the UK and European marketcovering both the street wear market and the traditional surf retail market.There is a strong convergence of street wear and surf wear clothing trends inthe UK and European market place and this acquisition by Hot Tuna stronglypositions the company to take advantage of this trend in European consumerbehaviour. Whilst the acquisition of Map is not substantial in relation to the size of HotTuna, it gives the Company access to the marketing infrastructure and knowledgeof an established UK brand. Hot Tuna's Managing Director, Marcus Gracey, said of the acquisition: "AcquiringMap is a further step forward in Hot Tuna's strategy to establish itself as aleading lifestyle brand manager. Hot Tuna differentiates itself from other surfcompanies with its focus on the whole surf lifestyle, not just the beach. Webelieve Map's creative, urban street-wear image complements Hot Tuna's surflifestyle and together the Company will deliver an exciting clothing andaccessories range to consumers." Chairman of Hot Tuna, Ranjit Murugason, commented: "The UK market has been thetrend setter in Europe for active casual lifestyle clothing. We have seen somegreat UK brands like Fat Face combine street wear and active clothing. Weconsider that our acquisition of Map is an important milestone and willfacilitate the expansion and creativity of the Hot Tuna business in the UK andthe European market, as well." - Ends - For further information, please contact: Hot Tuna International Plc Ranjit Nabarro Wells Parkgreen CommunicationsMurugason, Chairman Hugh Oram Justine Howarth+44 20 7016 5100 +44 20 7710 7400 +44 20 7493 [email protected] [email protected] Notes to Editors Hot Tuna International PLC listed on AIM on 23 September 2005 (AIM: HTT). It isthe licensor, manager, marketer and owner of the Hot Tuna brand of surflifestyle apparel and accessories. The Company acquired the brand in June 2005and the surf lifestyle market includes: board shorts, t-shirts, hats, swimwear,backpacks and bags, surf hardware, eyewear, footwear and jewellery. As custodian of the Hot Tuna brand, the Company intends to control thedistribution, quality and marketing of its products on a global scale and ensurethat the best products are produced. The brand will be developed through theappointment of local licensees in individual countries that have the relevantexperience to develop and gain competitive advantage for the brand in their ownnational markets. The Company has exclusive licensees in Australia, NewZealand, the United States, Mexico and Canada. In addition, the company hasnon- exclusive licensing arrangements in a number of countries includingMalaysia, Singapore, Thailand, Korea and Japan. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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