Michael Hill International has announced plans to launch a new jewellery brand targeting high-end consumers called TenSevenSeven.
TenSevenSeven will be launched in the first half of next year, focusing on personalised diamond rings.
The brand will initially be launched as an e-commerce option before rolling out at showrooms in Australian capital cities.
Jeweller contacted Michael Hill for clarification around the name of the brand; however, the spokesperson was tight-lipped – revealing that the name relates to the heritage of the company and that more information would be provided at the launch in October.
Michael Hill’s sales increased by 5.8 per cent to $629.6 million in the past financial year.
“While inflation and rising interest rates have impacted consumer spending, I am confident that the group strategy has us well-placed to continue to take market share,” CEO Daniel Bracken said.
“The Michael Hill brand demonstrates its strength and resilience with a focus on key milestone moments in the lives of our customers.
“Couple this with the launch of our new TenSevenSeven brand, the Bevilles store expansion, and exciting product innovation for Christmas; the group is well-positioned for the year ahead.”
The company also confirmed that the loyalty program Brilliance by Michael Hill now has more than two million members, representing 82 per cent of overall sales.
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