Future sparkles for Michael Hill
Karina Barrymore, Herald Sun
August 12, 2016 12:00am
Subscriber only
ART influences almost every aspect of jewellery designer Sir Michael Hill’s life.
It introduced him to his wife, artist Christine Hill, played a role when he founded his retail empire and continues to drive the company’s international expansion.
Within 18 months, the Michael Hill company is set to be the biggest jewellery retailer in Canada, with almost 80 stores.
It has also expanded to 11 US outlets and continues to grow locally, opening its 175th Australian store in central Melbourne yesterday.
“Art really drives me and it drives all our unique designs,” Sir Michael said, speaking at the opening of the store.
The company yesterday also unveiled part one of a two-part expansion program, with a new jewellery range designed by Lady Hill.
Based on a seashell, it is another extension of the company’s plan to stock more in-house designs. “In retailing, and in business, if you copy something, it’s hard work but if you’re bold enough to break out and do your own thing with your own designs, well that’s when you can really fly,” Sir Michael said.
“And that’s what we’re doing internationally. More and more of our product is our own brand and less is product that others sell.
“The results clearly show that people are loving it, just loving it, it’s going like crazy.’’
The second part to the expansion plan is the rollout of its new stores, Emma and Roe, selling charm-style products also designed in-house. That project is being spearheaded by Sir Michael’s daughter, Emma Hill, who is chairwoman of Michael Hill.
“The Emma and Roe brand has the potential to be as big as Michael Hill, if not bigger” Sir Michael said.
“We’ve now trialled about a dozen stores and it’s a much easier business model, selling charm-type products, similar to Pandora but at a much keener price point and using gold as the base.
“We see this as a chain that we could easily put 175 to 200 stores in Australia, another 35 to 50 in New Zealand and easily 80 in Canada.”
Founded in New Zealand, the company has been listed there for almost 30 years but moved its headquarters to Brisbane 16 years ago.
It also listed on the Australian Securities Exchange last month and has been a success at a time of market volatility. The group’s share price has risen from $1.22 to $1.43 since July 7.
MHJ Price at posting:
$1.45 Sentiment: Buy Disclosure: Held
