Michael Hill CEO Daniel Bracken dies

Daniel Bracken, chief executive of Michael Hill, has died following an adverse medical reaction.

Daniel Bracken, chief executive and managing director of the Michael Hill International jewellery business has died at the age of 57.

In a letter posted to the ASX and NZX, the business announced Bracken’s unexpected passing “as a result of an adverse reaction to medical treatment for an underlying medical condition”.

“The board, executive and all of the Michael Hill team express their deepest and sincerest condolences to his family and friends.”

“On behalf of the board, we thank Daniel for his outstanding leadership and dedication to the Michael Hill Group and our people over the past seven years.”

Bracken was described by the company as a “passionate retailer, an innovative and strategic thinker and an inspiring leader”, who transformed the business into what it is today.

Announcements about any replacement would be considered in due course by the company’s board.

Financial results

Bracken’s death comes just days after the company released its financial results.

On Friday last week, the jeweller reported group revenue of A$360.2 million ($398.98m) for the half-year to December 29, down 0.7% compared with the previous corresponding period (A$362.7m).

Comparable earnings before interest and tax (ebit) fell to A$24.1m – at the upper end of previous guidance – compared with A$31.3m in the first half of 2023.

Statutory net profit after tax for the half year increased to A$16.9m, up from A$15.4m.

The group’s New Zealand stores posted a 7.4% fall in revenue to $60.5m for the half year and a decrease of 7.8% on a same store sales basis.

Gross profit fell from $39.1m to $35.6m, while comparable ebit dropped from $10.1m to $9.4m.

Success story

Bracken was a born and bred Londoner. The father of three described his management style as: energetic and clear-visioned.

He grew up in Hampstead, northwest London and attended University College in central London where he completed a business management degree.

In an interview with the Herald in 2018, Bracken said he didn’t have a clue what he wanted to do when he left university.

“I did a general management degree and through that I got a placement in the supply chain, at a supplier for Burberry,” he said.

“I then went to work for that business for two or three years, then Burberry approached me to come and join them.”

After working in Burberry’s accessories department, Bracken later ran the children’s wear business before moving into the role of global transformation leader for the group.

By the time he left Burberry after 17 years, he was vice-president of strategy for the global business.

Bracken left Burberry because he wanted to be a chief executive, becoming chief executive of ASX-listed retail company Specialty Fashion Group, which operates retailers City Chic and Millers, among others.

When he joined Specialty Fashion Group, its market capitalisation was A$20m, and when he left the business it was over A$250m.

He then became chief executive of Michael Hill International on November 15 2018.

Tom Raynel is a multimedia business journalist for the Herald, covering small business and retail.