After three years of record results, 2023 finally broke jewellery retailer Michael Hill (ASX: MHJ). Like many Aussies, the Company faced tough retail conditions prompting cost-cutting measures. The fine jewellery brand encountered formidable headwinds due to a bitter cocktail of factors, including the macroeconomic environment impacting consumer sentiment, tough trading conditions, inflated input costs, and
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It seems fewer people are putting a Michael Hill (ASX: MHJ) ring on it, as the retail company witnesses a decline in its sales and earning. The persisting inflationary environment has left people putting huge life events, like engagements, on the backburner till the wallet can weather this storm. Discretionary spending has declined, and balance
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They say diamonds are a girl’s best friend, but higher cost of living and slower growth in discretionary income might hinder young Australians into spending so much on high-ticket fine jewelleries. Instead, they have been seeking alternatives in affordable fashion jewelleries that of course, require far less commitment than buying real diamonds. For fashion jewellery
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At a time when we had to re-evaluate our spending on everyday necessities, few compromises were made on the luxury front, with people still willing to spend generously on accessories. For FY22, fast fashion jewellery brand Lovisa (ASX: LOV) reported $548.7 million in revenue, a 59.3% increase on the previous year. The Company’s comparable store
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I’m not one for opulence. I genuinely can’t see myself paying thousands of dollars for a designer bag, or putting a house deposit amount into a car. I’ve always said I’d be happy with an engagement ring made out of tin foil, or even a cable tie… but even I am not immune to the
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The rapidly changing retail landscape continues to evolve through COVID-19, with consumers now having little qualms buying goods online that traditionally had to be bought in-store. Jewellery in particular has met this trend as evidenced by retail jeweler Michael Hill (ASX: MHJ) which has reported a 54.5% increase in digital sales and the launch of
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