Ralph Lauren took a COVID-19 pay reduce final yr, however nonetheless ranked amongst style’s highest paid executives, in response to Ralph Lauren Corp.’s annual proxy assertion.
Lauren, who serves as govt chairman and chief inventive officer, didn’t take a wage in mild of the pandemic, however nonetheless noticed whole compensation of $17.1 million for fiscal 2021 ended March 27.
(Doug McMillon, chief govt officer of Walmart Inc., ranks as retail’s highest paid govt thus far this yr, with compensation of $22.6 million final yr).
Most of Lauren’s take final yr got here from inventory awards, which have been valued at $11 million within the Securities and Exchange Commission submitting, however are tied to share-price fluctuations and vesting schedules and would possibly by no means be realized. He did obtain $6 million in incentive pay in addition to $131,234 in different compensation.
In the prior yr, which got here to shut within the early days of the pandemic, Lauren’s compensation tallied $13 million with the designer forgoing his bonus (after his bonus topped $9 million in each 2018 and 2019).
Patrice Louvet, Lauren’s president and CEO, noticed his pay dip 0.9 % to $12.1 million.
Louvet’s wage totaled $1.1 million after taking a 50 % discount for the primary quarter final yr. He additionally acquired inventory awards valued at $7.1 million, incentive pay of $3.8 million and different compensation of $64,429.
In a letter to shareholders, Lauren and Louvet stated: “The final yr might be marked as significantly profound — with the world managing a number of crises throughout well being, the financial system and society . While a backdrop none of us would have chosen, it has additionally been a time to deal with what issues most.
“At Ralph Lauren, our first and primary focus has been ensuring the safety and security of our teams….As we progressively emerge from the pandemic, we are a stronger business than when we came into it. Despite its disruptions, we fundamentally transformed the foundations of our company in fiscal 2021 — progressing on the goals we set out in our Next Great Chapter Strategic Plan to deliver sustainable long-term growth and value creation.”
The firm has been shifting its value factors increased, trimming its portfolio by licensing off Chaps and inking a deal to promote Club Monaco and rising its advertising and marketing spend amongst different steps to organize for the long run.
“We believe our brand and our purpose are more relevant than ever, as the world embraces the kind of luxury we stand for — one marked by optimism, hope, love and togetherness,” they wrote. “Together, with our lifestyle positioning and the breadth of our product portfolio, we are uniquely positioned to deliver value for our consumers and all of our stakeholders in fiscal 2022 and beyond.”
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