Luxury British brand and retailer Mulberry yesterday spent £3.4m on shares for its new chief executive Bruno Guillon.
Guillon, who was previously at French luxury brand Hermes, joined Mulberry at the start of the month and has been granted 200,670 shares. He paid just 200p per share, which the company paid the remaining £16.89.
Guillon will be awarded the shares in three installments over the next four years but in order for him to get the full value they must hit a target price of £23.02.
Guillon replaces chief executive and chairman Godfrey Davis who will continue as non-executive chairman after a three month handover period.
He joined Mulberry from French luxury brand Hermès Sellier SARL where he was managing director of French subsidiary Hermès France, a position he has held for four years. He joined Hermès in 2001 having previously worked at LVMH and Nina Ricci.