The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
Australian Jeweler Michael Hill to Exit US Market
It is shuttering the nine stores left in its “loss-making” operations in the country.
Brisbane, Australia--After nearly a decade in the United States, jeweler Michael Hill International is shuttering its retail locations here and exiting the market.
The company launched in the U.S. in 2008, buying 17 stores in the Midwest from Whitehall Jewelers after it filed for Chapter 11 bankruptcy.
The stores have “struggled to provide a return for the group” since then, the company said, calling its operations here “loss-making.”
It closed about half its stores in the middle of the recession in 2010, then, five years later, tried again with a few new stores in the New York metro area.
Michael Hill International said that despite new marketing initiatives to improve brand awareness and capture market share in the U.S., as well as an ongoing review of its store portfolio, the challenging retail environment of the market has “prevented it from improving its financial position.”
In its half-year fiscal results for the six-month period ended Dec. 31, the company said U.S. same-store sales were down 10 percent.
The jeweler said its remaining nine stores across the country—six in Illinois, one store in the Mall of America in Minnesota and two near New York City—will continue to operate as the company negotiates and completes the exit of its U.S. operations.
“Our time in the highly competitive U.S. jewelry market taught us a lot and helped to strengthen our core business, including the development of our bridal collection strategy and the development of our professional care plan,” CEO Phil Taylor said in a statement. “However, our U.S. operations have not gained sufficient traction in recent years and the level of capital required to scale-up the business is not warranted under current trading conditions.”
More information, including the financial impact of the closures and the number of employees that will be impacted, will be released at a later date.
After the U.S. stores close, Michael Hill International’s store count will number as follows: 172 in Australia, 53 in New Zealand and 83 in Canada.
The company said its businesses across the three regions continue to perform strongly.
The Latest
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA