ASX-listed jeweller Michael Hill has been undergoing a major rebranding exercise.
Already a subscriber?Michael Hill’s chief executive Daniel Bracken is guiding us around the jewellery retailer’s new flagship store in Melbourne’s Chadstone, the largest shopping centre in Australia as it undergoes a $685 million upgrade.“Fifteen-carat yellow diamond, the rarest diamonds you can get now, only one in every 15,000 diamonds is a yellow. Incredible scarcity,” he says.
There are now close to 300 stores across Australia, New Zealand and Canada after the business listed on the ASX in 2016. Eight to 10 more large flagship stores are planned including in Melbourne’s Bourke Street – in the Gothic-style former Francis & Co building next to Zara – later this year. “We gradually started to change our communication strategy, less focus on discounting and more focus on customer relationships.”record years during the pandemicRevenue in the first half of this financial year reached $363 million but the share price, which hit close to $1.50 in 2022 has since fallen back to pre-pandemic levels of around 60¢.“We are absolutely undervalued, the business is strong, while we’re in a challenging environment, the category is under a lot more pressure than we are.
“That’s not the case here, we were the first major brand to bring them here and we’re the number one brand in that category.” Hill’s uncle Arthur inherited the shop and Michael’s father, Albert became store manager. The family folklore claims Albert was a born salesman, having worked selling Electrolux vacuum cleaners door-to-door.
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