It’s been a productive year for Michael Hill, including a significant branding overhaul, the expansion of Bevilles, and the launch of luxury brand TenSevenSeven.
CEO Daniel Bracken said with positive sales in the opening weeks of the financial year, the holiday period was shaping to be one to remember.
“As we prepare for the all-important Christmas trading period, the positive momentum we have seen in the first 14 weeks is very encouraging,” Bracken said.
“I’m particularly excited about the launch of our new Pendant Bar concept, providing a unique gifting proposition for Christmas.
“Couple this with next week’s launch of our new campaign, ‘It’s a Michael Hill Christmas’, together with our best-in-class in-store visual merchandising and focused retail execution from our teams, and I’m confident that we are well-placed for the critical Christmas trading period.”
Gross margin recovery will be a priority for the retailer over the coming year. Bracken also said it would be important to maximise the popularity of the retailer’s loyalty program.
“Beyond the brand’s leading position in bridal, promoting other key milestone moments like birthdays and anniversaries, provides significant revenue opportunities for the business, while leveraging the data in our loyalty program and growing the opportunities with self-purchasing customers,” Bracken continued.
“Even with the challenging trading conditions in the fine jewellery sector, the business has held firm on its strategic intent to grow the footprint and strengthen Bevilles’ position in the market.”
In other notable developments, Michael Hill confirmed that Miranda Kerr will be the company’s global ambassador in April and opened a new flagship store in Melbourne in May.
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