Jeweller - April Issue 2018

NEWS
NEWS
Michael Hill closes Emma & Roe stores
Michael Hill International (MHI) has
announced it will close 24 of its 30 Emma &
Roe stores in order to refocus the “direction”
of the brand.
According to the company, the 24
Australian and New Zealand stores would
be closed by 30 June 2018. The remaining
six will be repositioned to take on the
demi-fine jewellery market in smaller,
concentrated stores.
“In January, MHI announced it had
undertaken a comprehensive review of
Emma & Roe to help shape the future
strategic direction of the brand,” a company
statement said. “The findings of this review
identified a major opportunity in the demifine
jewellery segment [up-market fashion
jewellery] and an emergence in customer
preferences towards fine fashion.
“These remaining stores will be focused in a
single market area, [as MHI] considers the six
store footprint will provide the opportunity
to iterate the new model at speed.”
The statement added MHI estimated it
would cost between $5.8 and $7.9 million to
exit the stores.
As previously reported by Jeweller, MHI will
also close all of its “loss-making” stores in
the US. MHI CEO Phil Taylor noted the nine
US stores had “struggled” with a reported
$12 million loss over the last 12 months.
He said a highly competitive market,
costly advertising and “significant” industry
pressure aided the decision.
The recent company statement added
negotiations for exiting the US stores were
“ongoing” and it would provide further
information at a later date.
MHI’s Emma & Roe range was launched
in April 2014. It specialises in a range of
charms, bracelets, necklaces, earrings and
stackable rings. Named after Michael Hill’s
daughter Emma and his wife’s maiden
name Roe, the range was launched to
complement MHI’s offering.
‘Unicorn’ watch up for auction
One of the rarest watches ever made is
estimated to sell for more than CHF$3
million (AU$4 m) at an upcoming
international auction. According to auction
house Phillips, the Rolex Cosmogaph
Daytona 6265 is the only known white gold
manual-winding Daytona ever produced.
EMMA & ROE JEWELLERY STORES SET TO CLOSE
Butterfly Silver in
administration
Well-known fashion jewellery chain
Butterfly Silver has been placed into
administration. Headquartered in
Brisbane, the retail business specialises
in sterling silver rings, earrings,
necklaces, bangles and charms. It
is understood that in mid-March
it appointed P.A Lucas & Co as its
administrator. Auctioneer house
Hymans is handling the expressions of
interest from potential buyers.
Advertisements offering the business
for sale have appeared in national
newspapers.
“This prominent and popular jewellery
retailer runs from 19 outlets across the
east coast of Australia, operating out of
a head office and distribution centre in
Brisbane,” a Hymans statement noted. “It
had an annual turnover of approximately
$6.5 million, with approximately
$800,000 stock on hand at cost price.”
It added that offers for all or individual
stores would be considered, with retail
outlets located throughout Queensland,
New South Wales and Victoria.
Jeweller contacted P.A Lucas & Co
and Hymans asking why the business
had been placed into administration
and how many expressions of interest
had been submitted. However, a
response had not been received at
the time of publication.
Butterfly Silver managing director
Michael Granshaw was also contacted
for comment.
Butterfly Silver was established in 2002.
At the time of publication the company’s
website had made no mention of being
“under administration”.
“Nicknamed ‘The Unicorn’ because of its
elusive nature, Rolex made this extravagant
Daytona in 1970 and delivered it to a
German retailer,” a Phillips statement read.
“Before the discovery of this piece, we
believed that only stainless steel and yellow
gold versions of the 6265 existed.”
More than 30 of the “most sought-after”
Daytonas will be on offer at Phillips’ Daytona
Ultimatum auction in Geneva, Switzerland
on 12 May. The headlining 6265 watch is
RAREST ROLEX WATCH EVER MADE WILL AUCTION
fitted with a sigma dial and white gold
hour indicator, and has a crown made from
stainless steel. It also features a white gold
bracelet with bark finish, which was added
by its current owner, Italian watch collector
John Goldberger. Proceeds from the sale will
go to charity Children Action.
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A BUTTERFLY SILVER PROMOTIONAL SHOT
April 2018 Jeweller 9