Jewellery giant Michael Hill faces tumultuous times, founder diagnosed with cancer, business on shaky ground

Michael Hill faces uncertain times as Sir Michael Hill, the company founder and CEO of the multi-national jewellery group, steps back from the board after he was diagnosed suffering from cancer. Andrea Slingsby was today (April 14) named the jewellery giant's board as the new director during a shareholder announcement.

Slingsby previously held the role of chief operating officer of the company between 2019 and 2021.

Michael Hill’s International general manager of treasury and investor relations Anthea Noble refused to share further details of the 86-year-old Sir Michael Hill’s health or the type of cancer he is suffering from citing privacy issues.


Founded in 1979 by Sir Michael Hill and his wife Christine in Whangārei, New Zealand, the business has grown to become a major jewellery retailer, with approximately 300 stores throughout Australia, New Zealand, and Canada. The brand quickly established itself as being well-known for its retail strategy and advertising methods.

However, over the past few years, the company has been seriously troubled, mainly financial stress, such as increasing prices for gold and diamonds, and tough competition, which have weighed on profitability. Michael Hill registered a net loss of $479,000 during the fiscal year ended 2024, which was a drastic reversal from the $35.2 million profit in 2023.

To enhance its position, Michael Hill spearheaded an extensive rebranding effort to reposition itself in the jewellery market. This involved opening a new store in Melbourne and appointing Australian supermodel Miranda Kerr as the brand's first international ambassador. The campaign was mainly centered on building the company's heritage narrative and highlighting quality methods.

Despite these initiatives, the company’s future remains uncertain. While CEO Daniel Bracken continues to lead the company’s strategic direction, the absence of its founder during this critical period adds an element of uncertainty and challenges.