Glenn Murphy’s sacrifices in 2009 came back to him with interest in 2010.Murphy, chairman and chief executive officer of Gap Inc., saw his overall pay package grow 18 percent last year, to $5.9 million from $5 million in 2009. After he voluntarily reduced his salary 15 percent, or $225,000, in 2009, it returned to its regular level of $1.5 million in 2010. And in appreciation of both his stewardship of the San Francisco-based firm and his willingness to earn less “given a highly uncertain business environment,” Gap’s compensation committee awarded him a special bonus of $635,000. Although his nonequity incentive plan compensation was cut by slightly more than half to $1.7 million, he was granted $1.8 million in stock awards, versus none the year before. He received no option awards in 2009 or 2010. Other compensation expanded 18 percent to $281,000 from $163,000.Because of fluctuating stock prices and vesting schedules, stock and option awards aren’t necessarily realized by the named executive officer, but companies are required to include them in the compensation tables when submitting proxies to the Securities and Exchange Commission, as Gap did on Tuesday. Last year, Gap’s profits increased 9.3 percent, to $1.1 billion, while sales rose 3.3 percent, to $14.66 billion, and improved 1 percent on a same-store basis.In a another SEC filing Tuesday, Ann Inc. reported that Kay Krill registered a 13.4 percent increase in total compensation last year, as her bonus and stock awards followed the company’s earnings trajectory upward.Krill, president and ceo of the company previously known as AnnTaylor Stores Corp., earned a total of $10.3 million last year, up from $9.1 million in 2009. Her salary was unchanged at $1.2 million, but her bonus grew 18.9 percent to $5.2 million, from $4.3 million, and the sum of her stock and option awards was up 14.5 percent to $3.9 million, from $3.4 million, despite a 30.4 percent decline in option awards to $1.2 million.Krill’s “other” compensation dropped to $16,000 from $101,000 in 2009. Last year, car service accounted for just under $10,000 of that total, down from $36,000 in 2009, and the reimbursement for taxes in connection with car service, nearly $29,000 in 2009, was waived entirely.The proxy highlighted the recent improvement in Ann’s performance, noting that while its operating profit rose 352 percent and its stock price was up 74 percent last year, the total compensation for all “named executive officers, including the ceo,” was up a far more modest 11 percent and the ceo’s total compensation grew 13 percent.In the fiscal year ended Jan. 29, the company swung to a profit of $73.4 million from a net loss of $18.2 million in 2009, while revenues increased 8.3 percent to $1.98 billion.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim