Michael Jeffries, chairman and chief executive officer of Abercrombie & Fitch, has reached a new five-year employment agreement.
The New Albany, Ohio-based specialty store chain said Monday the contract expires on Feb. 1, 2014. Jeffries’ current contract was scheduled to expire on Dec. 31.
Jeffries, 63, has been ceo of A&F since 1992. A former Federated Department Stores executive, he also founded the former Alcott & Andrews women’s chain before joining A&F. Jeffries has been credited as the principal architect of A&F’s explosive growth and its expansion into other concepts, including Hollister and Ruehl. Jeffries has been on the board of directors since 1996 and has been chairman since 1998.
Under the terms of the agreement, Jeffries will continue to receive his current annual base salary of $1.5 million and will be eligible for bonuses of between 120 percent and 240 percent of his base salary. In addition, Jeffries will be entitled to receive a grant of options to acquire 4 million shares of the company’s class A common stock, which will be awarded in three installments between now and September 2009. The exercise price for half of the options awarded on each grant date will be equal to the fair market value of the company’s class A common stock on the grant date. The balance of the options granted will have varying exercise prices.
In 2007, Jeffries received total compensation of $11.4 million, down 56 percent from the previous year because of a reduction in option awards and other incentives such as change in pension value and nonqualified deferred compensation earnings.
A&F was founded in 1892 as a purveyor of safari and fishing equipment. It was acquired by The Limited in 1988 and spun off as a public company in 1996. The company operates 353 Abercrombie & Fitch stores; 211 abercrombie stores; 501 Hollister Co. stores; 27 Ruehl stores, and 13 Gilly Hicks stores in the U.S., as well as units in Canada and London.
“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
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast