Michael Hill: Jewel giant Michael Hill faces turbulent times, founder diagnosed with cancer
Slingsby previously served as the company’s chief operating officer from 2019 to 2021.
Anthea Noble, general manager of international finance and investor relations, declined to share more details about the health of Sir Michael Hill, 86, or the type of cancer he cites privacy issues.
The business was founded in 1979 by Sir Michael Hill and his wife Christine, which has grown into a major jewelry retailer with approximately 300 stores in Australia, New Zealand and Canada. The brand is known for its retail strategy and advertising approach, quickly establishing itself as well.
However, the company has suffered severe plagued over the past few years, mainly due to financial pressures such as increasing prices of gold and diamonds, as well as tough competition that hurt profitability. Michael Hill lost $479,000 in the fiscal year ending 2024, a huge reversal from $35.2 million in 2023.
To improve its position, Michael Hill pioneered the extensive rebranding to reposition the jewelry market. This involves opening a new store in Melbourne and appointing Australian supermodel Miranda Kerr as the brand’s first international ambassador. The movement focused mainly on building a company’s legacy narrative and highlighting quality approach. Despite these moves, the company’s future remains uncertain. While CEO Daniel Bracken continues to lead the company’s strategic direction, the absence of its founders has added elements of uncertainty and challenges during this critical period.
