Lovisa chief executive and managing director Shane Fallscheer is stepping down from his role leading the jewellery retailer after 12 years.

Fallsheer will be succeeded by Victor Herrero, former Inditex Group head of Asia Pacific and managing director of Greater China, will work with Herrero to ensure a smooth transition, and will step down as director on 14 October.

“I’m 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,” Fallsheer said.

“Victor is an exceptional retailer with proven achievements in global markets and is the ideal person to continue to take Lovisa forward.”

Brett Blundy, chairman of Lovisa, thanked Fallsheer for his leadership over the past decade.

“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 3,000 team members and with a market capitalisation of circa $2 billion,” said Blundy.

“Victor will commence in the role of global chief executive officer as soon as practical subject to current Covid restrictions, and we are pleased Shane and Victor are committing to ensuring a smooth transition.”

Herrero said he is excited by the opportunity to work with Lovisa at an amazing time for the business, and that he looked forward to growing it with the “same passion and momentum that has gotten the business to where it is today”.

The business recently revealed it delivered a relatively strong FY21, with revenue up 18.9 per cent to $288 million and earnings before interest and tax 39 per cent up to $42.7 million.

The business’ international store rollout slowed due to the onset of the pandemic, though Lovisa hit 544 stores worldwide at the end of FY21 and is now refocusing on finding new opportunities for store openings in its markets.