Marc Lore oversees Jet.com and Wal-Mart global e-commerce.
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.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“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