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Smiggle CEO Jumps Ship to Lovisa

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By Published On: June 4, 20240 Comments

Lovisa has announced former Smiggle CEO John Cheston will be appointed CEO of the jewellery business in June next year.

Lovisa has announced the appointment of John Cheston as Lovisa’s next CEO and Managing Director. 

Cheston will be joining the jewellery store company one year from now on June 4, 2025. He is currently the CEO of Premier Investment’s stationary chain Smiggle. 

Cheston’s Smiggle departure comes just two months after the announcement that The Group plans to demerge the brand from Premier Investments into a separate listed entity by the end of January 2025. 

A spokesperson for Premier Investments said: “The Company was informed of John Cheston’s resignation as Managing Director of Smiggle and notes he has provided 12 months’ notice. Premier Retail remains well positioned in its leadership structure and will work through a constructive transition and succession plan in the months ahead.”

Lovisa Chairman, Brett Blundy is excited to welcome Cheston to his new role at Lovisa.

“John is a highly successful Global retailer and will join Lovisa at a very exciting time as we continue our global growth,” said Blundy.

John Cheston will indeed be joining the business in a very opportune time if it keeps up its current momentum into the year ahead. On May 31, Lovisa publicly released its half year results for 1HFY24. 

Total sales are up 18.2 percent on the prior half year, reflecting continued growth in the store network. However, global comparable store sales for the period are down 4.4 percent compared to HY23. EBIT is up 16.3 percent to $81.6m, and NPAT has grown 12 percent to $53.5m. 

In the period, Lovisa opened 74 new stores, bringing its global total to 854 stores across 40 markets.

Three new markets opened in the period, with Lovisa adding China and Vietnam and new franchise market Ecuador.

In a trading update for the first seven weeks of the second half, the company revealed total sales for the period are up 19.6 percent on the same period in 2H23.

Since the end of the half year, the company have opened a further nine new stores, with the store network currently at 860 including an entry into Dublin, Ireland, adding another new market to the network. 

Current Lovisa CEO Victor Herrero has agreed to an amended employment contract through to 31st May, 2025.

About the Author: Rosalea Catterson

Rosalea is the Editor of Power Retail. With a keen interest in consumer behaviour and tech, she covers everything ecommerce and hosts the Power Retail Power Talks Podcast.

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