CEO of Lovisa Exits After 12 Years

Power Retail By Power Retail | 13 Oct 2021

After 12 years in the role, the CEO of Lovisa has left his position. Shane Fallscheer will be succeeded by Victor Herrero, but will remain in the role until the transition is finalised. 

Fallscheer has held the role of MD and CEO of Lovia for 12 years and leaves as the business continues its global expansion. Following the announcement, Lovisa’s shares dropped two percent and now sits at $17.95 a share.

Flascheer was one of the ‘driving forces’ behind the creation of Lovisa, which has since expanded to more than 550 stores operating across 20 countries. According to Lovisa chairman, Brett Blundy, it has a market capitalisation of $2 billion.

“I am proud of what the Lovisa team has achieved in the past 12 years and I am very excited to pass the baton on and watch Lovisa continue its global expansion,” he said. “Victor is an exceptional retailer with proven achievements in global markets and is the ideal person to continue to take Lovisa forward.”

“I am sure that this is just the start of where Lovisa will go in future,” he said.

Victor Herrero has extensive experience in the retail industry, working with Inditex Group for 13 years, which houses Zara, Massimo Dutti and Pull&Bear. Most recently, Herrero worked as CEO of Clarks, the footwear retailer. Hee is also a board member of The Iconic’s parent company, Global Fashion Group.

Lovisa is naming a new CEO | via Lovisa

“This is an amazing time to be joining the Lovisa business, and I look forward to continuing to drive it forward with the same passion and momentum that has gotten the business to where it is today,” Herrero said of the news. “I would like to thank Shane for agreeing to ensure a smooth transition and for his exceptional efforts to lead the company to its current strong position, and I look forward to the great opportunity we now have to further drive the company’s strategic goals.”

Brett Blundy shared his enthusiasm for both Flascheer and Herrero regarding the recent news. “I would like to thank Shane for his outstanding leadership,” he said. “He has time and time again proven himself to be one of the top retail leaders and will be greatly missed by all involved with Lovisa,” he said. “Shane’s decision has provided us with the opportunity to appoint an exceptional retailer.

“Victor has an exceptional track record of driving global expansion and leading complex global retail businesses and will help us to move to the next stage of the global growth strategy of the Lovisa business,” Blundy continued. “The Board is excited by the opportunity to continue the global expansion under Victor’s leadership, backed by his extensive global retail experience.”

The transition is expected to be completed by October 14.

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