Michael Kors pays well...specially for its management
21 Jun 2015
Happy ending – money wise – for Michael Kors investors and management. The fashion retailer has paid a record salary for Michael Kors, honorary president and creative director of the eponymous brand and John Idol, president and CEO of the brand.
According to ‘WWD’, both executives have received a combined remuneration package of almost 15 million dollars in the fiscal year 2014-15.
The reason of such a ‘thank you’ wage? The substantial – about 30 percent – year-on-year increase in the group’s sales.
As detailed by the company, Kors and Idol pocketed each a 2.5 million dollar salary plus a 5 million dollar bonus, based on commissions that guaranteed each of them 2.5 percent of the company’s earnings, up to a maximum of 5 million dollars, explains ‘WWD’.
Additionally, both cashed out an improved 25.1 percent stock options pack, valued at 7.5 million dollars as well as other compensations, which resulted in 131,000 dollars for Kors and 83,000 dollars for Idol.