Top executives at Abercrombie & Fitch Co. and American Eagle Outfitters Inc. took major pay cuts in 2007, according to U.S. Securities and Exchange Commission filings.
Total compensation for Michael Jeffries, chairman and chief executive officer at Abercrombie & Fitch, plunged 56.3 percent to $11.4 million, compared with $26.2 million in 2006. His pay package included a base salary of $1.5 million, stock and option awards of $5.1 million and $1.4 million in "other compensation." Jeffries' take included $656,545 for personal use of an airplane.
A big part of the ceo's year-over-year decrease came from option awards, which fell to $9,543 from $8.4 million. Jeffries also saw slower growth in the area of pension and deferred compensation, which added $1.5 million to his compensation in 2007, down from $6.7 million a year earlier.
The company said overall base salaries for executives increased an average of 4.7 percent. The pay boosts were based on executives' performance ratings, which were determined by Jeffries.
James O'Donnell, principal executive officer at American Eagle, earned a total compensation of $11.9 million, a 21 percent decrease from $15.3 million in 2006. His pay package included a base salary of $1.4 million, stock and options awards of $8.8 million and $41,308 in "other compensation." O'Donnell spent $15,250 for car use and $5,222 on club membership.
Meanwhile, Abercrombie continues to advance its international agenda. The company said Friday that it will open a flagship at Kobmagergade 11, Copenhagen, in 2009. This will be the company's second flagship in Europe, following the 2007 opening in London. Abercrombie said it is "in the process of securing locations in Italy, France, Germany, Spain and Sweden." The company plans to open its first flagship in Asia, in Tokyo's Ginza district, in late 2009.
The 16,000-square-foot Copenhagen flagship, which will be in a 1910 neoclassical structure typically found in Danish architecture, will be designed by Selldorf Architects and its principal Annabelle Selldorf. Abercrombie & Fitch was represented by its exclusive European real estate consultant, PBS Real Estate LLC, and its principal Laura Pomerantz.
Outside the U.S., Abercrombie operates three Abercrombie & Fitch stores and three Hollister Co. stores in Canada, in addition to the London flagship.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)