Australian-born global jeweller Lovisa Holdings Limited has appointed John Cheston to be the company’s next CEO and managing director from June 4, 2025.
Cheston is currently the managing director of accessories retailer Smiggle, a business under Premier Investments.
Lovisa has also amended the employment contract of its current CEO Victor Herrero through to May 31, 2025.
Herrero is expected to receive a fixed remuneration of $1.3 million per annum in his newly amended contract, while Cheston will earn an annual total of $2.35 million.
“The Board and I are pleased to announce that Victor has entered an amended 12-month contract,” chairman Brett Blundy said. “The Board and I are also pleased to announce that John Cheston will join us as CEO and managing director on the 4th of June 2025.
“John is a highly successful global retailer and will join Lovisa at a very exciting time as we continue our global growth.”
Lovisa has over 700 stores across over 30 countries globally, including Australia and New Zealand, as well as across Asia, Europe, the Middle East and North and South America.
The company reported an 18.2 per cent lift in revenue in its latest half-year results for FY24 to $373 million.
Premier Investments issued a statement regarding Cheston's move to Lovisa next year, confirming it was informed of his resignation and his 12-month notice.
"Premier Retail remains well positioned in its leadership structure and will work through a constructive transition and succession plan in the months ahead," a spokesperson said.