Michael Hill earmarks closures
Up to 168 staff members are affected by Michael Hill International’s decision to close 24 of its Emma & Roe jewellery stores and refocus the remaining six.
Yesterday, the company announced the findings of a review into the trans-tasman charm jewellery brand, saying it had identified customer demand for lower-cost products.
The company employed about 168 across the affected shops, some of whom will be transferred to with other Michael Hill jewellery stores. Others would be made redundant.
New Zealand’s only Emma & Roe store is in Manukau, Auckland, and it will close affecting up to seven staff members. The six remaining stores will be in Queensland, Australia.
The store closures were expected to be completed by June 30. It is expected to cost Michael Hill between A$5.8 million (NZ$6.2 million) and A$7.9m to close them and pay out the staff.
Michael Hill International chief financial officer Andrew Lowe said the company had been deliberately holding some roles vacant, so they could ‘‘bring across as many of our people’’.
Michael Hill plans to ‘‘reposition’’ Emma & Roe by branching into demi-fine jewellery.
‘‘Demi-fine is a relatively new segment of the market combining fine jewellery with fashion for those customers seeking stylish, yet affordable, items … The demifine segment allows customers with a preference for fine jewellery to achieve their desired look but at a lower price,’’ the company said.
This announcement follows news that Michael Hill was pulling out of the United States.
Emma & Roe is named after Michael Hill chairwoman Emma Hill and Lady Christine Hill, whose maiden name is Roe.
Michael Hill International was founded by Sir Michael Hill in Whangarei 37 years ago.