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.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast