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Tuesday, June 09, 2015

Here's How Much Christopher Bailey Made in His First Year as Burberry's CEO

Here's How Much Christopher Bailey Made in His First Year as Burberry's CEO:

Bailey takes a bow at Burberry's men's show in January. Photo: Ian Gavan/Getty Images
Bailey takes a bow at Burberry's men's show in January. Photo: Ian Gavan/Getty Images
No doubt about it, Christopher Bailey has a big job. After becoming creative director in 2004 and then chief creative officer in 2009, he took an even greater leap up the executive chain to become CEO in May 2014.

Shortly after his appointment, we wrote that the Bailey could make up to £10.3 million in his first year. It wasn't so much that his salary had gone up — it would actually be pretty close to what he was making as chief creative officer, a source familiar with the company's payment structure said at the time — but rather that he could make a lot more in bonuses.

According to Burberry's annual report, he wound up raking in £7.9 million for the year that ended on March 31. That's a combination of a £1 million salary, £424,000 in benefits and cash allowances, a £1.8 million bonus, a £4.4 million co-investment plan and £303,000 pension. About $12 million overall.

Burberry as a company, meanwhile, brought in £2.5 billion. Thematically, the past year was all about focusing on the brand's core products: trenches and scarves. While trenches got a "radical simplification of styles" — the thinking there that zeroing in on a very clear message would help customers grasp what the brand is about — offering up monogramming on scarves proved to be a selling point, too. Those, and Burberry's monogrammable ponchos, drove the accessories category forward.

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