PHOTO: Emma Hill and her father, Sir Michael Hill
New Zealand-based jewelry retailer, Michael Hill, has announced its plans to acquire Australian chain Bevilles for AUD 45 million in a deal that is expected to expand its presence in Australia.
The acquisition will enable Michael Hill to increase its retail footprint in Australia, where it currently operates 176 stores, and extend its product range to include diamond and gold jewelry, watches, and giftware.
Bevilles, founded in 1934, has 27 stores across Australia and offers a wide range of jewelry products, including engagement and wedding rings, fashion jewelry, and watches.
The deal is subject to regulatory approval, but Michael Hill’s CEO, Daniel Bracken, said the acquisition was a “strategic fit” and would bring benefits to both companies.
“We are excited to add Bevilles to our portfolio of brands and believe this acquisition will provide Michael Hill with a unique opportunity to leverage our existing capabilities and expertise in Australia, while expanding our presence in the market,” he said.
Bracken said the acquisition would enable Michael Hill to offer customers a broader range of products and services, including a wider selection of diamond and gold jewelry, as well as a more diverse range of price points.
The move comes after Michael Hill reported a 22.6% increase in sales in the six months to December 2020, with online sales up by 88.5% over the same period.
Bracken said the acquisition would also help the company to accelerate its online growth, as Bevilles has a strong e-commerce platform that would complement Michael Hill’s existing online offering.
“We see significant potential to grow our online presence in the Australian market and believe that Bevilles’ expertise in e-commerce will be invaluable in helping us achieve this goal,” he said.
The acquisition is expected to be completed by the end of May 2021, subject to regulatory approval.
MOST POPULAR
- Eva Longoria lists her mansion | WATCH
- The Mark Twain Prize Winner – How Adam Sandler spent $420M | WATCH
- From being a homeless criminal to one of Australia’s most successful real estate agents | WATCH
- Shane Warne leaves bulk of $20.7 million estate to his children
- Property Noise | Follow us on Instagram
- Bayleys acquires two rival real estate offices.
- Real estate agency GIANT coming to New Zealand | WATCH
- The Australian property ‘crash’ has come to as halt, so what next?
- Why New Zealand is beating Australia in the race that no-one wants to win | WATCH
- Real Estate Agent fined for supplying incorrect information