60 Minutes - Michael Hill
Tue, 09 Jun 2009 10:24:00 +1200
I just watched the Michael Hill interview on TV3's 60 Minutes.
I know little about the man but the usual stuff: he bought his first Jewelry shop in the late 1970s when his house burned down. He was 43.
Along the way he wrote down his goals that he would have x number of Michael Hill International [MHI.NZX] stores by a particular date. He has achieved every goal he set in that respect and now has well over 200 stores in New Zealand, Australia, Canada and from late last year the USA.
His future goal is to have 1000 stores by 2020, with the bulk of them being in the United States.
His recipe to get there is to brand himself and his company as "desirable" brand that everyone would want -a tough proposition in these tough times considering that other luxury brands are floundering with sales drops of up to 50%.
The image change has started in Australasia, with flash new stores that sell cut price jewelry as they traditionally have but alongside that higher end bling and Michael Hill branded watches and his own perfume line.
He seems very excited about current economic conditions, seeing it a an opportunity rather than a curse. The opportunity is, as he sees it, is that these dire conditions will allow him to reach his goal of 1000 stores just that much sooner, and cheaper.
I think he is going to get there.
Oh, he also has a book coming out called Toughen Up.
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