LONDON — Christopher Bailey, chief executive and chief creative officer at Burberry, sold 5.2 million pounds, or $8.6 million, worth of his shares in Burberry, according to filings on the London Stock Exchange.
The filing stated that Bailey exercised options to sell 211,904 of the 288,120 shares that were awarded to him in 2011, as part of the Burberry Group plc co-investment plan, and 73,547 of the 100,000 shares that were awarded as part of the Burberry senior executive restricted share plan 2004, granted to Bailey in 2009. The executive also sold 68,667 Burberry shares that he already owned last Wednesday, which will be subject to capital gains tax.
All the shares were sold at a price of 14.67 pounds, or $24.33 a share, amounting to 5.2 million pounds, or $8.6 million. A portion of the sale of the shares was said to have covered taxes, while of the balance, Bailey sold half and retained half. Bailey now owns 303,110 shares in the firm, an increase on the number of shares he owned outside of the performance-based share plans.
“Christopher Bailey has exercised the option on a number of shares that he was awarded during his time as chief creative officer,” Burberry said. “As part of this process, the number of Burberry shares he actually owns has increased. There are only certain times of the year when board members of a public company can sell shares, which is why he is doing this now.”
Since Bailey took up the role of ceo and chief creative officer of Burberry in May, his multimillion-pound pay package has come under scrutiny from investors and the British press alike. As reported, in May it emerged that Bailey could earn up to 10.3 million pounds, or $17.6 million, this year. At Burberry’s annual general meeting in July, more than 50 percent of Burberry’s shareholders rejected the directors’ report on Bailey’s remuneration involving the granting of 1 million share options that vested from 2015 to 2018 regardless of performance. But as their vote was a non-binding one it didn’t affect the remuneration deal.
Burberry’s chairman John Peace said at the time that in developing its remuneration policy, Burberry was guided by “delivering value to shareholders, ensuring business success and remaining competitive in the global talent market in the luxury industry.” Peace also noted that Burberry was faced with competing job offers for Bailey with “much higher” pay. “The board took the view that it was essential that we retain Christopher in the business, mindful of the huge value he has created and would create in the future,” Peace said at the time.
“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