Ralph Lauren is going to have to work harder for his bonus and restricted stock options next year.
In a regulatory filing with the Securities and Exchange Commission, Polo Ralph Lauren Corp. said that its chairman and chief executive officer, starting in fiscal 2009, will be entitled to a bonus “only if 80 percent, rather than 50 percent, of the performance target had been achieved.” The filing said the changes put Lauren’s compensation arrangements in line with those of “other members of senior management.”
Lauren’s annual stock option grants were reduced to 100,000 stock options from 150,000, according to the filing. In addition, the term for his stock options was reduced to seven years from 10 years, in line with the term for all management stock options.
Additionally, restricted stock units granted to the chairman, which were reduced to 75,000 RSUs from 100,000, will be performance- rather than time-based, the filing said.
It was disclosed in the proxy statement filed by the company earlier this month that Lauren has a new five-year employment agreement that began on March 30. His new base salary is $1.25 million, a $250,000 raise.
In the proxy, the company said Lauren’s total compensation for the year ended March 29 was $34.2 million, which included among other compensation a base salary of $1 million, no bonus and stock awards of $16.2 million. The total represents a 32 percent gain from the prior year, when total compensation was $25.9 million.
Last year, Polo’s net income increased 4.7 percent, to $419.8 million, or $3.99 a diluted share, as net revenues grew 13.6 percent to $4.88 billion.
@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