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.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)