Latest news with #Lovisa
AU Financial Review
7 days ago
- Business
- AU Financial Review
Mark McInnes to earn $2m for executive role at Lovisa
Retailer Mark McInnes will earn another $2 million in annual salary from his boss Brett Blundy after becoming executive deputy chairman of fast fashion jewellery chain Lovisa. Lovisa's biggest backer is Blundy's BB Retail Capital, which controls 39 per cent of the ASX-listed retailer where billionaire Blundy is the chairman.
Herald Sun
7 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
News.com.au
7 days ago
- Business
- News.com.au
Fashion retailer Lovisa appoints John Cheston as new global CEO
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.
Perth Now
7 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
7 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
