It’s been a rollercoaster ride – beginning with a collapse in 2014, placed under administration before an Indian company acquired a large stake in the business.
The loss of the iconic Bourke Street Mall store location was likewise a landmark moment, as was the retailer’s eventual acquisition by Michael Hill International in April 2023.
The retailer was once a bastion of fine jewellery retailing in Melbourne, founded in 1934 by Leo and Rae Beville. Since then, it has been in the hands of three generations of the family, with granddaughter Michelle Stanton (nee. Michelle Beville) eventually serving as CEO.
Bevilles first expanded outside Victoria in 2003 when it opened its first NSW store at Parramatta.
However, existing as a mid-size chain is notoriously difficult, and the store count constantly fluctuated with stores opening and closing.
In a recent in-depth interview, Stanton explained what it was like going through the ups and downs of the family business.
She told The Australian she is “proud and grateful” that the Bevilles name lives on in the local jewellery industry.
“Because I think when you have been in that place of 2014 … At the time for us, it was such a nightmare, not only as a family but also for the brand.”
In a frank admission, she added: “I decided in myself that I wasn’t going to be the person who was going to take Bevilles to 100 stores plus. Bevilles always needed to go there.
“I had the realisation that I didn’t want that for me, but I wanted it for the brand. I felt like I was a custodian for the brand in my 30 years of taking care of it.
“To see it go, to fly, to end up in New Zealand, Canada and all around Australia, that was my dream for it.”
Around the time of the 2014 collapse, Jeweller obtained the creditors report from the Administrator and asked three retail experts to analyse what went wrong.
Ironically, at the time, Jeweller benchmarked the financials of Bevilles against ASX-listed Michael Hill International, the very company that would acquire the retailer a decade later.
The analysis by David Brown (Retail Edge Consultants), Bryan Young (Retail Rescue), and Colin Pocklington (Nationwide Jewellers) was insightful.
The article included a thorough analysis of Bevilles’ financial affairs at the time, including its sales, gross margin, cashflow and stock turn as well as rent and staff.
It provided an incredible insight for other jewellers.
In the wide-ranging interview, Stanton explained that in 2019, she resolved to “find the freedom for Bevilles to be without me and me to be without Bevilles”.
Michael Hill International was her dream buyer, and in April 2023, it became a reality when a $45.1 million deal was secured.
The agreement included acquiring 26 Bevilles stores in three states – Victoria, NSW, and South Australia – and Michael Hill International quickly announced plans to expand the chain to 80 locations by 2028, including stores in New Zealand and Canada.
According to The Australian report, the first words from her parents the day the sale was completed were simple: “We are so proud of you.”
Today, 55-year-old Stanton is still an ambassador for Bevilles, which is again battling lower consumer discretionary spending on fine jewellery.
Despite the prevailing adverse economic conditions, Michael Hill International recently reported a 3.8 per cent increase in sales over the past year.
She also has her own life-coaching business, Complete Success, and is raising two teenagers who excel in downhill mountain biking and snowboarding.
More reading
Births, Deaths & Marriages: Good night and good luck
Northern migration: Bevilles heads to Queensland
Membership blow: Major jewellery chain quits JAA
Michael Hill discusses acquisition with rival retailers
Done deal: Michael Hill takeover of Bevilles complete
Michael Hill and Bevilles: History never repeats itself, but it does often rhyme
Michael Hill and Bevilles: A tale of opposing branded watch strategies
Shock takeover: Michael Hill acquires Bevilles