Michael Hill Buys Australia Jewelry Chain for $30M

Michael Hill has purchased Australian family jeweler Bevilles in an AUD 45.1 million ($30 million) deal it expects will add up to AUD 65 million ($43.4 million) additional revenue for 2023.

The new acquisition is a “highly complementary” strategic fit for Michael Hill, the company’s CEO, Daniel Bracken, said Wednesday. The 26-branch Bevilles will enable Michael Hill to enlarge its store network, he explained.

Bevilles focuses on a core group of in-demand jewelry and watch pieces that are suitable for a wide range of customers, Michael Hill noted. It also has a loyal customer base, with 88% of sales over the past 12 months coming from loyalty members.

“As Michael Hill continues on its brand-elevation journey, this transaction provides the perfect complementary brand to expand our addressable market,” said Michael Hill chair Robert Fyfe. “It ticks so many boxes, especially in the current economic environment as customers seek out value for money. The Bevilles store network is under-penetrated and ready for growth.”

Bevilles CEO Michelle Stanton will continue to work with Michael Hill as an ambassador for two years, while the chain’s employees will be offered positions at Michael Hill.

Meanwhile, Michael Hill intends to expand Bevilles to Canada and New Zealand, where it operates its own stores, it noted. It expects to open 80 Bevilles shops across the three countries by 2028.

Main image: A Michael Hill store in Queensland, Australia. (Shutterstock)