Globally renowned jewellery company, Michael Hill International has scored big with their purchase of family-owned business Bevilles Jewellers in a $45.1 million deal. Bevilles has 26 stores across Victoria, NSW and SA and this acquisition will only increase Michael Hill’s already strong store presence.
Daniel Bracken, chief executive of Michael Hill says, “Bevilles is a highly profitable business, with clearly defined market positioning and a talented and highly capable team.” Bevilles is forecasted to generate $60m to $65m in sales including additional underlying earnings between $7.5m and $8.5m in the 2023 financial year.
Rob Fyfe, chair of Michael Hill describes how Bevilles is the perfect opportunity for Michael Hill to expand. “It ticks so many boxes, especially in the current economic environment as customers seek out value for money,” he says. Bevilles is recognised as a contemporary brand that caters to many consumers of the jewellery market. Michael Hill has ambitions to grow to 100 Bevilles stores by 2028 with a focus on elevating its image, craftsmanship, quality and sustainability.
“The Bevilles store network is under-penetrated and ready for growth, and the Michael Hill team will partner with Bevilles to provide expertise to grow the store portfolio and unlock synergies,” Fyfe says. Chief executive officer of Bevilles, Michelle Beville, will remain with the company for a two-year ambassadorial period to aid in the transition of ownership and the beginning of the new era. “Expanding the store network in Australia represents an extremely exciting opportunity for the group, as the Michael Hill brand continues its journey to elevate into a more premium positioning,” Bracken says.
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