Bling thing for John Cheston.

 

Global jewellery chain Lovisa has appointed long-time Smiggle boss John Cheston as its new CEO, effective 4 June next year.

 

Lovisa is owned by Australian billionaire Brett Blundy, who said: “John is a highly successful global retailer and will join Lovisa at a very exciting time as we continue our global growth.” 

 

Premier Investments said it had been informed of Cheston’s resignation and was provided 12 months’ notice.

 

Smiggle spin-off

 

According to media reports, it is unclear if Cheston will join Lovisa as the head of a newly-listed Smiggle as part of Premier Investments’ plans to spin off the profitable stationery business provisionally planned for January next year.

 

Under his new employment contract, Cheston will make $2.35 million per year – with up to $2.35 million in short-term bonuses per year subject to certain performance hurdles being met. 

 

PHOTO: Premier Investments chairman Solomon Lew (left) and Smiggle managing director John Cheston. Credit: SUPPLIED/PR IMAGE