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Burberry's Bailey took 75% pay cut

Burberry’s chief executive and creative officer Christopher Bailey received £1.9m in salary, pension and benefits in 2015, down 75% from the year before amid falling profits at the luxury fashion house.

Christopher Bailey

 

In 2014 Bailey received a total of £7.5m including a £5.7m in cash bonus and share awards. Last year Bailey’s pay was made up of £1.1m in salary, £330,000 pension contributions and £464,000 in benefits, according to the firm’s annual report.

Last month Bailey announced a change of strategy that will see costs reduced by £100m across the business after profits fell 10%.

Burberry’s other executive directors also received no bonus or share awards. Finance director Carol Fairweather’s pay dropped £1m to £683,000 and chief operating officer John Smith’s almost halved from £1.52m to £813,000.

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