Michael Hill CEO

So, like, weirdly, it's down.

But you're not wrong, right?

Long term, it's gone up quite a bit.

And the business has always managed somewhere in that 60% to 62% gross margin rate along the way.

And so I think what we see in that is that, yes, gold is increasing in value.

People see that value.

They're willing to pay for that value.

Yeah, so we've made a couple changes to the brand over the years.

And Daniel Bracken was a huge part of kind of leading a lot of this in that we are now a fully private label brand.

So we design and kind of make everything ourselves.

Our headquarters is in Brisbane.

We have a manufacturing facility in the basement of that building.

If you were to stack rank our manufacturing partners, we'd be somewhere in the top five for ourselves.

The remainder, we really do partner with the best of the best.

And so there are certain categories where you actually want to make sure, for example, chains come from Italy.

You want to make sure that you're getting your diamonds from India because that's where most diamonds are cut and polished.

There are other products that make a lot of sense to get from places like Turkey or places like Thailand.

It just depends on the craftsmanship you're really trying to source and then the design and acumen that we're trying to layer on top of it.

But everything we do is designed by us.

Yeah, you know, and it's been changing, as you can imagine, quite rapidly, right?