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.
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)
After showing in front of the Eiffel Tower for his last two women’s ready-to-wear collection, it looks like @anthonyvaccarello may be heading to the Big Apple. Sources say the designer will stage his next @ysl show in NYC on June 6. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion