Australian boardwear brand Billabong has unveiled a turnaround plan designed to stem significant losses after 18 months of “corporate turmoil” and a fall in earnings hit the retailer.

Although the group’s Asia-Pacific business saw an 8% rise in earnings for 2014 and losses narrowed in Europe, earnings in the Americas fell by over half and dragged group earnings down 26%.

"The US is a priority – it's our greatest challenge and biggest opportunity," Mr Fiske said.
"We do believe there's quite a bit of hangover after 18 months of corporate turmoil – it's really hit this region very hard and is taking a while to come around," he added.