Latest news with #Cheston
Herald Sun
6 days ago
- Business
- Herald Sun
John Cheston takes over as Lovisa CEO
Don't miss out on the headlines from Retail. Followed categories will be added to My News. Longstanding fashion executive John Cheston has taken charge of ASX-listed jewellery behemoth Lovisa as its new chief executive, with the company's board promising him multimillion-dollar pay cheques if he hits key performance targets. The $3.5bn retailer confirmed the new era on Wednesday morning alongside the appointment of Mark McInnes as new executive deputy chairman. Mr Cheston will be paid a base salary of $2.35m but could earn additional short-term cash payments up to $2.35m if he substantially elevates the retailer's earnings. According to the renumeration conditions set out by Lovisa's board, Mr Cheston will receive an extra $2.35m on top of his base salary if he guides the company to earnings growth of 30 per cent or more. If he achieves 18 per cent growth in the EBIT metric, or earnings before interest and taxes, he gets $188,000 but zero if EBIT does not hit the 18 per cent threshold. John Cheston is Lovisa's new global chief executive. Picture: Supplied Further, Mr Cheston, who ran children's retailer Smiggle for more than a decade before Lovisa, could receive up to $7.05m over three-years under a long-term incentive plan if he continually hits EBIT growth of 30 per cent or more for each financial year. The reward will be issued in company shares rather than cash and is subject to a two-year holding period. Mr McInnes, meanwhile, will enjoy a cash salary of $2m in his new role on the board. Lovisa, backed and run by billionaire entrepreneur Brett Blundy, recruited Mr Cheston and Mr McInnes from Solomon Lew's Premier Investments last year. 'Mark's extensive experience and proven track record of success in a large Australian ASX-listed retailer, combined with his leadership skills, make him an invaluable member of the board and executive management team,' Mr Blundy said on Wednesday. 'We are confident that his contributions will further strengthen our position in the industry and drive long-term value for shareholders'. Mr Blundy, through his investment vehicle BB Retail Capital, owns 39 per cent of Lovisa's issued capital. Lovisa holds an international footprint with 943 stores worldwide, including 180 in Australia. Picture: Brenda Strong / The Observer Lovisa, along with all retailers, is navigating an increasingly uncertain global trade environment. Over a five-year time horizon, the company's value has boomed 312 per cent, moving from about $7 a share in June 2020 to $29.33 before Wednesday's trading. The share price spiked 8.2 per cent across Wednesday morning to hit $31.74 at midday. The company has 943 stores worldwide as of December, including 180 in Australia. It has recently opened its first franchise stores in the Ivory Coast and Republic of Congo in Africa and Panama in Central America. In its half-year report from February, the company reported $405.9m in revenues and $56.9m in profits. Originally published as Fashion retailer Lovisa appoints John Cheston as new global CEO
Perth Now
6 days ago
- Business
- Perth Now
Big paydays for new fashion giant bosses
Longstanding fashion executive John Cheston has taken charge of ASX-listed jewellery behemoth Lovisa as its new chief executive, with the company's board promising him multimillion-dollar pay cheques if he hits key performance targets. The $3.25bn retailer confirmed the new era on Wednesday morning alongside the appointment of Mark McInnes as new executive deputy chairman. Mr Cheston will be paid a base salary of $2.35m but could earn additional short-term cash payments up to $2.35m if he substantially elevates the retailer's earnings. According to the renumeration conditions set out by Lovisa's board, Mr Cheston will receive an extra $2.35m on top of his base salary if he guides the company to earnings growth of 30 per cent or more. If he achieves 18 per cent growth in the EBIT metric, or earnings before interest and taxes, he gets $188,000 but zero if EBIT does not hit the 18 per cent threshold. John Cheston is Lovisa's new global chief executive. Supplied Credit: Supplied Further, Mr Cheston, who ran children's retailer Smiggle for more than a decade before Lovisa, could receive up to $7.05m over three-years under a long-term incentive plan if he continually hits EBIT growth of 30 per cent or more for each financial year. The reward will be issued in company shares rather than cash and is subject to a two-year holding period. Mr McInnes, meanwhile, will enjoy a cash salary of $2m in his new role on the board. Lovisa, backed and run by billionaire entrepreneur Brett Blundy, recruited Mr Cheston and Mr McInnes from Solomon Lew's Premier Investments last year. 'Mark's extensive experience and proven track record of success in a large Australian ASX-listed retailer, combined with his leadership skills, make him an invaluable member of the board and executive management team,' Mr Blundy said on Wednesday. 'We are confident that his contributions will further strengthen our position in the industry and drive long-term value for shareholders'. Mr Blundy, through his investment vehicle BB Retail Capital, owns 39 per cent of Lovisa's issued capital. Lovisa holds an international footprint with 943 stores worldwide, including 180 in Australia. Brenda Strong / The Observer Credit: News Regional Media Lovisa, along with all retailers, is navigating an increasingly uncertain global trade environment. Year-to-date, shares in the company have traded down 3.5 per cent. Over a five-year time horizon, however, the company's value has boomed 312 per cent, moving from about $7 a share in June 2020 to $29.33 today. The company has 943 stores worldwide as of December, including 180 in Australia. It has recently opened its first franchise stores in the Ivory Coast and Republic of Congo in Africa and Panama in Central America. In its half-year report from February, the company reported $405.9m in revenues and $56.9m in profits.
Yahoo
6 days ago
- Business
- Yahoo
Big paydays for new fashion giant bosses
Longstanding fashion executive John Cheston has taken charge of ASX-listed jewellery behemoth Lovisa as its new chief executive, with the company's board promising him multimillion-dollar pay cheques if he hits key performance targets. The $3.25bn retailer confirmed the new era on Wednesday morning alongside the appointment of Mark McInnes as new executive deputy chairman. Mr Cheston will be paid a base salary of $2.35m but could earn additional short-term cash payments up to $2.35m if he substantially elevates the retailer's earnings. According to the renumeration conditions set out by Lovisa's board, Mr Cheston will receive an extra $2.35m on top of his base salary if he guides the company to earnings growth of 30 per cent or more. If he achieves 18 per cent growth in the EBIT metric, or earnings before interest and taxes, he gets $188,000 but zero if EBIT does not hit the 18 per cent threshold. Further, Mr Cheston, who ran children's retailer Smiggle for more than a decade before Lovisa, could receive up to $7.05m over three-years under a long-term incentive plan if he continually hits EBIT growth of 30 per cent or more for each financial year. The reward will be issued in company shares rather than cash and is subject to a two-year holding period. Mr McInnes, meanwhile, will enjoy a cash salary of $2m in his new role on the board. Lovisa, backed and run by billionaire entrepreneur Brett Blundy, recruited Mr Cheston and Mr McInnes from Solomon Lew's Premier Investments last year. 'Mark's extensive experience and proven track record of success in a large Australian ASX-listed retailer, combined with his leadership skills, make him an invaluable member of the board and executive management team,' Mr Blundy said on Wednesday. 'We are confident that his contributions will further strengthen our position in the industry and drive long-term value for shareholders'. Mr Blundy, through his investment vehicle BB Retail Capital, owns 39 per cent of Lovisa's issued capital. Lovisa, along with all retailers, is navigating an increasingly uncertain global trade environment. Year-to-date, shares in the company have traded down 3.5 per cent. Over a five-year time horizon, however, the company's value has boomed 312 per cent, moving from about $7 a share in June 2020 to $29.33 today. The company has 943 stores worldwide as of December, including 180 in Australia. It has recently opened its first franchise stores in the Ivory Coast and Republic of Congo in Africa and Panama in Central America. In its half-year report from February, the company reported $405.9m in revenues and $56.9m in profits. Error in retrieving data Sign in to access your portfolio Error in retrieving data
NBC News
12-03-2025
- Business
- NBC News
Trouble is brewing for local beer companies as Trump slaps tariffs on aluminum
The math is tight for Thom Cheston. Standing inside the walk-in fridge that stores the beer to be shipped across the Washington, D.C., area, he runs through a few numbers. He says his business, Right Proper Brewing, has to sell more than $6,000 of beer just to cover the taxes on his brewery. He's hesitant to raise prices because his competitors, most notably the big breweries, might not. And so having to pay more for the aluminum cans that ship his brews is a scary proposition. President Donald Trump's 25% tariffs on steel and aluminum took effect Wednesday, and one of the places Americans touch aluminum most directly is in canned drinks. This increase in the price of canning material could dramatically hit the bottom line of many businesses, such as craft breweries. 'We can't raise our prices just because our costs have gone up,' Cheston said. 'We may be on the shelf next to breweries that are much larger than us, that may be in a better position to absorb those costs, whereas we are not.' Cheston, like many small-business owners across the U.S., faces the prospects of rising costs in crucial pieces of the operations due to the escalating trade war that Trump has started with many of the U.S.' biggest trading partners. 'It could be massive,' Cheston, who co-founded Right Proper Brewing in 2013 as a neighborhood brewpub in Washington, D.C., said. The company has two locations and plans to open a third. While bottles are still an option, craft brewers have been shifting to cans for many years. For Cheston, the tariffs could mean the difference between being able to hire an additional employee or being able to buy necessary equipment. Cheston said that even 50 cents makes a difference when customers are choosing a beer off a grocery shelf. 'Roughly, if we were to incur a 25% increase in that cost, it would be over $40,000 for us, which is the cost of an employee,' he said of the tariffs. Right Proper's packaging is provided by a third party that sources their aluminum in Canada. 'What we pay per piece is subject to the aluminum index, and so if that goes up, we pay more,' he told NBC News. 'We have a few months of cans and inventory right now, but beyond that, there's nothing we can do.' Cheston is competing for shelf space with other small craft breweries as well as larger companies, such as Molson Coors and Anheuser-Busch. Molson Coors has the ability to source its cans domestically and would not be affected by the tariffs. 'While we continue to evaluate the implications of possible tariffs, with respect to aluminum, we source our cans from a number of domestic suppliers, so our exposure to any tariffs on imported aluminum to the U.S. would be minimal,' a company spokesperson told NBC News.
Yahoo
27-02-2025
- Business
- Yahoo
From beer to theatre: How the DC area is supporting fired federal workers
WASHINGTON () — It's been tough to fully comprehend all of the federal worker layoffs. Many small businesses are looking for little ways to help, with different ways to show their support or just spread some cheer. 'We want to be a gathering place for the community,' said Leah Cheston, the owner of Right Proper Brewing Company in Northwest D.C. Metro sees highest ridership since COVID-19 as return-to-work orders begin Communities are struggling as federal workforce layoffs are turning lives upside down. That's why Cheston started a program called 'Executive Order Me a Beer,' where patrons can add $8 to their tabs, and the next fired federal worker to come in will get a drink for free. 'Our guests and our employees were getting laid off from their jobs,' Cheston said. One of the newest employees, Alexandra Tontisakis, was hired at the brewery after she lost her job of one-and-a-half years at USAID. 'I don't think there's been a point in my career where I've been this stressed ever,' Tontisakis said. While she navigates her post-USAID career, Tontisakis said there is a sense of camaraderie through the chaos at the bar, where she is serving free beers to other laid-off federal workers. 'It's comforting to know that we're all in the same boat,' she said. 'The boat might be leaking and we might be sinking, but we're sinking together.' Cheston said strangers have purchased about 150 beers for fired federal workers, but only 30 have been claimed. She's hoping more come in, especially as she hopes to organize networking events. Meanwhile, Theatre Washington is also helping those workers who lost their jobs stay entertained and keep their minds off the stresses of the job search. 'This is a significant shift': Jeff Bezos directs Washington Post opinion page to focus on personal liberties, free markets The theatre announced several opportunities for those workers to receive free or discounted tickets to some productions in the D.C. area. 'It was a way to say, 'We are here,'' said Amy Austin, the president and CEO of Theatre Washington. 'Going to the theatre is such a nice catharsis. It's just such a great way to be watching a story with other people feeling the same feelings that you feel. And just letting your mind go to other places.' Those offers can be found here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
