Marc Lore, the man Wal-Mart Stores Inc. hired to bring down Amazon, is also bringing in a tidy sum for his trouble — $244 million.Lore founded the outrageously ambitious Jet.com and sold it to Wal-Mart in a $3.3 billion deal in September. He was the e-commerce market place’s largest shareholder and got a big payout from that deal and became president and chief executive officer of Wal-Mart’s U.S. e-commerce operation in what some have called retail’s most expensive “acqui-hire” ever.He’s charged with remaking the brick-and-mortar giant’s e-commerce operation and he’s starting with fashion, buying Shoebuy, Moosejaw and ModCloth and, potentially, Bonobos in rapid-fire succession.Lore has a big job — squaring off with his former boss, Amazon’s Jeff Bezos — hence the big paycheck.Last year, Wal-Mart paid him a salary of $346,154 and incentive pay of $1.1 million. But the vast majority of his total compensation came in the form of stock awards, which were valued at $242 million in the company’s proxy statement with the Securities and Exchange Commission.The company said Lore received 3,554,093 restricted stock units in connection with the Jet.com deal. They vest over five years, the same period for which he’s under a non-compete agreement.Without the restricted stock grant, Wal-Mart said Lore’s total compensation would have tallied $7.6 million.Much less but, still, not bad.Doug McMillon, Wal-Mart’s president and ceo, saw total compensation of $22.4 million last year, while Greg Foran, head of Wal-Mart U.S., received $11.5 million.Wal-Mart chairman Gregory Penner said in the filing that: “Fiscal 2017 was a year in which we saw the ongoing transformation of Wal-Mart gain momentum. In a new era of disruption in the retail industry, we continued to execute our strategy to become the first company to deliver a seamless shopping experience at scale, regardless of how our customers choose to shop with us.”Obviously, it’s not a cheap transformation.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews