HILL Sir Michael
Known as the “king of bling” for his eponymous international jewellery store chain, Sir Michael’s business, Michael Hill International, shot past the half-billion dollar revenue mark in the June year.
It is now worth $590 million in market capitalisation on the NZX. This is well up on the $400 million it was worth a year ago.
The company’s stores in North America, Australia and New Zealand have all increased their sales in local currency terms. Sharebrokers have praised the company’s move into professional care plans, which are common in the US and are now being marketed in Australasian markets. For a fee, customers can have their jewellery maintained and cared for over a defined period.
The Hill family company, Durante Holdings, has 53% of the company, to which Sir Michael can add one of the country’s leading privately owned golf courses – The Hills at Arrowtown – and a superyacht, VVS1, named after the highest grade of diamond. The Hills is host to the NZPGA Pro-Am Championship while Sir Michael’s other passion, music, has just seen another successful year for the biennial Michael Hill International Violin Competition, which attracted contestants from around the world. This year’s winner of the $40,000 prize was Nikki Chooi, a Canadian.