Lovisa has announced that its long-serving CEO Shane Fallscheer will step down from the role of MD and CEO, to be succeeded by Victor Herrero.
Following 12 years of leadership at the company, Fallscheer will step down as a Director on October 14, but will remain as CEO until Herrero's arrival, to ensure a smooth transition.
"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," Fallscheer commented.
"Victor is an exceptional retailer with proven achievements in global markets and is the ideal person to continue to take Lovisa forward.
"I would like to thank all of the Lovisa team for the monumental effort and energy that has been demonstrated since we opened our first store through to the numerous markets we have today.
"I would also like to thank Brett Blundy and the Lovisa Board for their continual support and guidance.
"I am sure that this is just the start of where Lovisa will go in future," he said.
Herrero joins Lovisa with significant global retailing experience, having spent 13 years with the Inditex Group – parent company of Zara, Pull & Bear and Massimo Dutti – that has over 6000 stores in 80 markets, generating sales of over US$25 billion.
During his time at Inditex, Herrero held numerous roles including head of Asia Pacific and MD of Greater China, leading the company's expansion through the region, rolling out 800 stores in countries including China and India.
Most recently, he was chairman and CEO of footwear manufacturer and retailer Clarks and is also a board member of G-III Apparel Group and Global Fashion Group (The Iconic's parent company).
"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 his appointment.
"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," he said.
To give the Lovisa Board time to consider the above changes and the Amended Notice of Meeting, Lovisa has rescheduled its AGM, now set to take place on November 22.
Herrero will be appointed as a director of the company on October 14 and will commence as global CEO as soon as possible, pending COVID restrictions easing.
His fixed remuneration will be US$1,300,000 per annum and he will receive a AUD$1,000,000 sign-on incentive within 30 days of his appointment, which is to be used to acquire shares in Lovisa.
Lovisa chairman Brett Blundy praised Fallscheer's work and welcomed Herrero to the team.
"I would like to thank Shane for his outstanding leadership.
"He was the driving force behind the creation of Lovisa in 2010 and has since then grown the business to over 550 stores, operating across 20 countries, employing over 3000 team members and with a market capitalisation of circa AUD$2 billion.
"He has tome and again proven himself to be one of the top retail leaders and will be greatly missed by all involved with Lovisa.
"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.
"The Board is excited by the opportunity to continue the global expansion under Victor's leadership, backed by his extensive global retail experience," Blundy said.