News: MHJ Michael Hill International Says For First 45-Weeks Sales Were Up 4.7%, page-12

They overpaid for Bevilles and now they're going through an expensive rebranding trying to shift Michael Hill into a higher category probably because they have ideas of shifting out of the price driven value segment and into more rarefied less price sensitive segment. Not an easy thing to do in retail. Let's say I have my doubts about anyone with $1m to spend on earrings choosing to do so at Michael Hill. And that's before you even start to think about what all that more expensive jewellery is going to do to a business that already has to carry a lot of inventory. I think they're in for a rough 12 months or so. That cost inflation through the gold price is still affecting them just as the diamond prices started to come off.