Canadian activewear giant Lululemon has cut senior leadership team salaries by 20% for the next three months, while its board of directors will “forgo their cash retainer”, amid the Covid-19 coronavirus outbreak.
The retailer has also committed to paying its staff until 1 June, whether stores remain closed or reopen.
“At Lululemon, our people are our top priority. These decisions enable us to support our teams and immediate business priorities, while balancing what is required to plan for the recovery and growth to follow,” said chief executive Calvin McDonald. “We’re making the right commitments now as we navigate what’s ahead for the future.”
Lululemon stores across Europe, North America, Malaysia, Australia and New Zealand will remain closed until they can safely reopen. However, its website and app are trading.