Lovisa chairman Brett Blundy has discussed the circumstances surrounding John Cheston’s appointment as CEO, describing it as the beginning of a ‘new era’.
The fashion jewellery chain announced the appointment of Cheston as CEO in June, replacing Victor Herrero, who has held the position since 2021. Cheston is expected to assume the role in June.
“With a wealth of retail experience and a proven track record of success, John is poised to take Lovisa to even greater heights,” Blundy said.
“Get ready for a new era of operational excellence, growth, innovation, and excitement under his leadership.”
Blundy also expressed gratitude to Herrero: “It has been an outstanding three years, with the opening of 25 new markets and the increase in the store network by 350 stores so far, now at over 900 stores globally.”
Uncertainty has surrounded Cheston’s appointment as CEO, as he was recently sacked by Premier Investments as CEO of Smiggle for ‘workplace misconduct’.
“Two weeks after his dismissal, Premier Investments – the parent company of Smiggle, Peter Alexander and The Just Group brands – forfeited Cheston’s $3.8 million bonus,” writes Eli Greenblat of The Australian.
“It is unclear what the “serious misconduct” was, but recent commentary from Premier chairman Solomon Lew during a media call suggests that it was around a breach of Cheston’s employment contract.”
In August, Lovisa reported a 17.1 per cent increase in revenue, achieving $698.7 million in sales over the past year.
In related news, it was recently reported that former Lovisa CEO Shane Fallscheer is launching a new fashion jewellery brand in Australia.
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