Michael Hill International has officially assumed operational control of retail rival Bevilles.
In late April the details of the $45.1 million deal were announced and as of Thursday, Michael Hill has assumed control of 26 Bevilles stores in three states – Victoria, NSW and SA.
The company plans to open more than 80 new Bevilles stores by 2028, including expansion in New Zealand and Canada where Michael Hill already operates.
This may include converting existing Michael Hill locations into Bevilles stores. The financing of this expansion comes from a new three-year $90 million credit facility from ANZ and HSBC.
“I’m excited the acquisition has been completed and welcome the Bevilles team members to the Michael Hill family,” CEO Daniel Bracken said.
“This acquisition not only demonstrates the board’s commitment to strategic investment but also provides a platform for significant store network expansion and delivery of incremental earnings.”
As well as expanding Bevilles store network, the facility will fund a new digitally-led ‘bespoke’ diamond jewellery brand and the rollout of its gold recycling platform.
The company recently confirmed its plans for the branded watch category with Jeweller. Bracken noted that offers of new locations from a number of landlords have been tabled.
Supporting emerging talent
The Michael Hill International Violin Competition, supported by the Hill Family Foundation for Arts and Music, is underway in Queenstown and Auckland.
The competition will run until 10 June, with 16 of the world’s youngest violinists going head-to-head for a prize package valued at more than $100,000.
“As a company deeply connected to our heritage, craft, and community, we are proud to support such a prestigious event that reflects our values and resonates with our brand’s philosophy,” said Sir Michael Hill said.
“The competition not only showcases the finest musical talents globally. It also helps to strengthen the local arts scene, especially after it was put on hold during COVID.”
The winners of this year’s competition will each be gifted a Spirit’s Bay Pendant and a prize that will recognise ‘grace under pressure’.
More reading
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Michael Hill and Bevilles: A tale of opposing branded watch strategies
Michael Hill launches new gold recycling program
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