Michael Hill Jewellers founder Sir Michael Hill died this morning aged 86.
Michael Hill announced the passing of its founder in an ASX and NZX statement, expressing condolences to his family.
Michael, alongside his wife, Lady Christine, started the jeweller in Whangarei, New Zealand in 1979, and soon grew it to be a global retailer in Australia, New Zealand and Canada.
His first love lay with music instead of jewellery; however, he was told to pivot after he was told he was too old to start reaching the pinnacle of his craft as a violinist at age 17.
This led him to work at his uncle's family-owned jewellery store, which sparked a passion that led to international awards for his window displays and creating bold advertising.
“To every endeavour he pursued, Michael brought a deep sense of purpose, an enduring curiosity, open-mindedness and creativity that challenged all of us to embrace ever more lofty goals and be unconstrained in our thinking – a legacy that will continue to inspire us,” Rob Fyfe, Chairman of Michael Hill, said in the ASX announcement.
New Zealand’s Prime Minister, Christopher Luxon, has also paid tribute to the late founder.
“Sir Michael not only built a globally recognised brand, but also inspired generations of Kiwi entrepreneurs to dream big", Luxon said in a social media post.
In 2024, the company’s revenue was almost $650 million.
This comes just months after the company’s CEO, Daniel Bracken, died at age 57.
At the time of writing, Michael Hill (ASX: MHJ) stock is trading at $0.40, a 1.23% decrease from the previous close. The company’s market cap is $151.95 million.
