Maurice Marciano, who made the transition to nonexecutive chairman of and consultant to Guess Inc. at the close of its last fiscal year on Jan. 28, pocketed a $1.4 million special cash bonus in connection with his retirement.
The bonus helped lift his overall compensation last year to $13.8 million, 27.9 percent above the $10.8 million recorded for fiscal 2010. His salary for the year was unchanged at $1 million and he received no nonequity incentive plan compensation after getting $1.9 million in the prior year.
His stock and option awards rose to $8.4 million from $3.4 million, as provisions of his retirement kicked in. Because of vesting schedules and fluctuations in stock prices, his awards may ultimately translate to lesser amounts, but the Securities and Exchange Commission requires they be reported at “grant date fair value.”
The company’s proxy statement, released Wednesday, detailed the ongoing relationship of Marciano, 63, with the company he co-founded with brothers Paul, Armand and Georges in 1981. A two-year consulting arrangement began immediately upon his retirement and provides for fees of $500,000 a year. Outstanding equity awards will continue to vest during his tenure as a director of the firm.
Marciano was executive chairman at the time of his retirement.
Paul Marciano, vice chairman and chief executive officer of Guess, earned a total of $14.4 million last year, 6.7 percent below his 2010 compensation. His salary remained at $1 million and his stock and option awards increased 1.7 percent to $2 million. His nonequity incentive plan compensation, tied closely to the company’s licensing income, was cut in half, to $2.4 million from $4.8 million.
Guess saw its net income fall 8.3 percent to $265.5 million last year as revenues notched up 8.1 percent to $2.69 billion. On Tuesday, the company reported a 37.6 percent drop in first-quarter profits, to $26.6 million, as revenues dropped 2.2 percent to $579.3 million.
“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