Michael Hill International (ASX: MHJ) is saying its final goodbyes to the fledgling brand which, despite promise in the early days of Michael Hill’s ASX listing, has proven to be a burden on the group’s balance sheet.
Following a company-wide review, Michael Hill has decided to close all Emma & Roe fashion jewelry stores to recapitalise and focus on the brand’s core luxury assets.
Michael Hill closed the first lot of 24 Emma & Roe stores in March this year but had initially intended to keep six stores trading as part of a project to reposition the brand into demi-fine jewelry.
CEO Phil Taylor says the company’s decision to axe Emma & Roe entirely comes from a capital management perspective.
“Following a strategic review we have decided that a singular focus on the Michael Hill brand will best position us to deliver a strong customer proposition and financial results,” says Taylor. Read more
Paris Faint – Business News Australia – 22 June 2018