LONDON — Rose Marie Bravo, chief executive officer of Burberry, bulked up her bank account by 8.2 million pounds, or $14.2 million, after cashing in stock options this week, the company said.
Bravo, who is paid in dollars, received the options as part of a bonus plan when the company was listed on the London Stock Exchange in 2002, a Burberry spokeswoman said. She still holds 2.5 million Burberry shares, worth almost 11 million pounds, or $19 million.
All figures have been converted from the pound at current exchange.
Burberry said in a statement that Bravo had chosen to take advantage of a new co-investment plan for senior management and company directors that is partly intended as an incentive to keep executives. Bravo agreed to invest $1.3 million, her bonus last year, buying shares in the co-investment plan. The company will match that investment up to 1.6 times the initial sum. For example, for every 100 shares an investor would receive 160.
The plan does not vest for another three years, which means that Bravo would have to remain at Burberry for at least that period to get the full benefit. That might dampen speculation that Bravo would leave Burberry and return to the U.S. — possibly as a successor to Paul Charron, chairman and ceo of Liz Claiborne Inc., whose contract expires on Dec. 31, 2006. Bravo has renewed her contract until June 2006, after which she will be on a 12-month contract.
Bravo has increased Burberry’s market share tenfold since arriving eight years ago. She was paid almost $15 million in stock options, salary, bonus, benefits and allowances in the fiscal year ended March 31, according to the company’s 2004-2005 annual report issued last month, and cashed in stock options worth a total of $11 million in the last fiscal year.
Burberry, which reported a 9.6 percent sales boost to 113.7 million pounds, or $200.1 million in the first quarter ended June 30, will open its first store in Turkey at the end of August.
The store, which spans 7,344 square feet over two floors, will be located on Istanbul’s Bagdat Street, and will sell the Prorsum and London collections as well as the full range of Burberry accessories.“The Turkish market represents an exciting development potential for Burberry,” Bravo said in a statement. “This prime retail location in one of the city’s most distinguished shopping areas gives us an exciting opportunity to showcase our comprehensive product portfolio to the region's sophisticated customer base.”
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion
“I’m Russian and I love to use all these little tricks that I got from my grandma or my mom. We didn’t have a lot of money for creams or anything like that so we would use a garden as a beauty treatment regime. We’d put cucumber in the fridge and do a cucumber mask,” says model @irinashayk on one of her beauty hacks. WWD asked celebs what their go-to self-care rituals are. See what Naomie Harris, Freida Pinto and more said on WWD.com. #wwdeye #wwdbeauty (📷: @zefashioninsider)
Exclusive: @viktorandrolf are teaming up with @Zalando on a collection made from leftover clothing. The lineup, which lands at the retailer February 1, includes 17 pieces adorned with sliced up and repurposed overstock from the retailer’s private label collection. Pictured here is a look from the collection –– see more on WWD.com. #wwdfashion #wwdnews
@duewestnyc is the newest bar joining the collection of intimate neighborhood-focused spaces in the West Village. The cocktail menu, which includes bitters and syrups made in-house, offers a “Build Your Own Old-Fashioned” – like the one pictured here – where guests can choose from a list of spirits and unexpected sugars and bitters. #wwdeye
Spotted at last night’s National Board of Review gala in NYC: Angelina Jolie. Jolie – along with Meryl Streep, @lupitanyongo and more – continued the all-black dress code from Sunday’s Golden Globes. #wwdeye (📷: @lexieblacklock)