LONDON — Rose Marie Bravo, chief executive of Burberry, earned nearly $15 million gross between stock options, salary, bonus, benefits and allowances in the fiscal year ended March 31.
The company's 2004-05 annual report, issued this week, said Bravo's total gross pay was $3,833,000, an increase of 7.5 percent over last year's $3,567,000.
Her salary is reported in dollars, the currency in which Bravo is paid. It includes her base salary, which increased 5 percent, the maximum percentage the company will pay out, to $1,646,000 from $1,568,000.
But Bravo's bonus was less than the previous year's due to tough comps and a slower rate of sales growth. The bonus was $1,317,000, compared with $1,568,000.
Her benefits and allowances, which include accommodation, travel, clothing, a company car and medical coverage, more than doubled to $870,000 from $431,000, due to Bravo's most recent contract renegotiations. As reported, Bravo has extended her contract with the company until June 2006, after which it will revert to a one-year, rolling contract.
The annual report also revealed that, during the last fiscal year, Bravo cashed in stock options worth a total of 6,061,000 pounds, or $11,031,020 at current exchange. The options were cashed in three separate tranches. The options reflect the value Bravo has built at Burberry since she arrived eight years ago, increasing its market value tenfold in that time.
A Burberry spokesman declined to comment further on Bravo's pay package.
Burberry last month reported that profits for the fiscal year ending March 31 rose 18.2 percent to $202.9 million, or 109.9 million pounds, from $157.4 million, or 93 million pounds, thanks to tight control on costs, pricing and sourcing gains and fewer markdowns. Sales rose 5.9 percent to $1.32 billion, or 715.5 million pounds, from $1.14 billion, or 675.8 million pounds.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"