Lovisa bolsters executive team with new global CEO and deputy chair appointments
Lovisa Holdings (ASX: LOV) has appointed retail and fashion executive John Cheston as its new global chief executive officer and managing director.
Mr Cheston is the former boss of stationery business Smiggle, which is owned by Solomon Lew’s Premier Investments (ASX: PMV).
He replaces Lovisa’s former chief executive officer and board director Victor Herrero, who ended his four-year tenure with the company in May.
Deputy chair appointment
Lovisa’s board has also appointed retail industry stalwart Mark McInnes to the role of executive deputy chair.
The appointment comes more than a year after he was appointed to the top job at the BB Retail Capital—Lovisa’s major shareholder with 39% equity.
Mr McInnes previously spent 10 years as chief executive officer of Premier Investments and Premier Retail and seven years as chief executive officer of David Jones.
Global growth
Lovisa chair Brett Blundy said Mr Cheston and Mr McInnes would help set the company up for its next stage of global growth.
“Mark’s extensive experience and proven track record of success with large Australian publicly listed retailers, combined with his leadership skills, makes him an invaluable member of our board and executive management team,” he said.
“We are confident that Mark and John’s contributions will further strengthen our position in the industry and drive long-term value for our shareholders.”
Mr Blundy said the board would extend its full support to Mr Cheston and Mr McInnes during their leadership of the company.
Market expansion
Lovisa’s most recent financial results delivered strong sales, gross margin and profit growth to support its steady global expansion in new and existing markets.
The group posted full-year revenue for 2024 of $699 million, up 17.1% on the previous year, which it attributed to an expanded store network and improved trading performance.
Lovisa opened 128 new stores worldwide during the period, taking the total network to 900 stores across 46 markets.
Expanding portfolio
Lovisa opened its first stores in Ireland, mainland China and Vietnam in 2024 and set up franchise markets in Ecuador, Senegal, Guadeloupe and Gabon.
The 50 new stores Lovisa opened in Europe delivered the largest share of growth for the year, while the Americas market was another major driver of network growth with 37 new outlets opened in the period, including 10 new franchised stores in South America.
“We continue to invest in rolling out new stores and the structures required to manage them effectively on an ongoing basis, including support teams, logistics and technology to drive a more efficient operating model,” Mr Herrero said at the time.
“With a footprint now in 46 markets and increased support structures in place, we are well positioned to continue our global expansion across existing and new markets.”