J. Crew Group chairman and chief executive officer Millard "Mickey" Drexler received $2.8 million in total compensation last year, a 22 percent increase from $2.3 million in 2006.
According to a Securities and Exchange Commission filing, Drexler's compensation includes a base salary of $200,000, stock and option awards totaling more than $1 million and a bonus of $1.5 million.
The compensation of some other top executives also increased. The specialty retailer awards a substantial portion of executive compensation based on performance. J. Crew has been outshining its competitors, experiencing top-line and margin growth as many other retailers are being pulled down by the depleted economy.
Tracy Gardner, president of retail and direct, was paid $2.6 million compared with $1.6 million in 2006. Her compensation package includes a base salary of $684,600 and stock and option awards of $983,954. She also received an $875,000 bonus.
Libby Wadle, executive vice president of the factory division, received a pay package of $1.1 million, an increase from $680,501 last year. Total compensation included a base salary of $390,800, stock and option awards of $351,736 and a $380,600 bonus.
Jeffrey Pfeifle, former president, received $1.3 million in 2007 compared with $1.9 million in the previous year. Pfeifle's compensation included a base salary of $842,300 and a $603,200 bonus.
Pfeifle left the company on Feb. 1 and, as a result, forfeited 159,288 stock options and 90,733 shares of restricted stock. He had been the number-two executive at the retailer, and was a close associate of Drexler. The company previously said his responsibilities will be assumed by members of the executive team and that there is no near-term plan to fill his job.
In the fourth quarter ended Feb. 2, earnings fell to $25 million, or 39 cents a share, from $44 million, or 71 cents a share, in the year-ago period. However, the year before had an extra week and a nonrecurring tax benefit of $10.9 million, and in the 2007 quarter there was a severance charge of 2 cents a share. Revenues increased 9 percent to $399.9 million, with store and outlet sales up 8 percent to $260.6 million and comparable-store sales flat. On a calendar-adjusted basis, same-store sales rose 4 percent.
For the fiscal year, revenues increased 16 percent to $1.33 billion, with comparable-store sales up 6 percent. Gross margin rose to 44.1 percent of revenues from 43.4 percent. Operating income jumped 37 percent to $172.5 million, compared with $125.6 million the previous year. Net income was $97.1 million, or $1.52 a share, versus $71.6 million, or $1.49 a share.
The company recently opened the flagship for its Madewell concept in New York's SoHo, a 3,500-square-foot space at 486 Broadway on the corner of Broome Street. The store is in an 1883 Romanesque Revival brick building that decades ago housed the Mechanics and Traders' Bank of Manhattan.
“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