NEW YORK — Even after a $2 million pay cut, Tommy’s looking good to remain at the top of the apparel pay sweepstakes.
Tommy Hilfiger, the highest-paid apparel executive in the U.S. last year, saw his compensation as honorary chairman and principal designer of Tommy Hilfiger Corp. drop 10.3 percent during fiscal 2002.
Hilfiger’s total compensation fell to $22.4 million in the year ended March 31 versus $24.9 million in the prior year. The designer receives a base salary of $900,000 plus 1.5 percent of sales over $48.3 million. Hilfiger also received other compensation of $5,500, according to the company’s annual proxy statement, filed with the Securities and Exchange Commission Friday.
Joel Horowitz, president and chief executive, saw his total compensation decrease 15.8 percent to $10.7 million from $12.7 million. The ceo’s bonus, which is set at 5 percent of the firm’s operating earnings, back tracked 16.9 percent to $10.1 million from $12.1 million last year. His salary, however, rose 6 percent to $663,000 from $625,000 in the previous year. Horowitz received other competition of $5,500.
As reported, the designer firm saw its net income inch up 2.7 percent to $134.5 million, or $1.49 a dilute share, for the year ended March 31. This compared with year-ago earnings of $131 million, or $1.43, in fiscal 2001. Revenues dipped slightly to $1.87 billion from $1.88 billion.
The SEC filing shows during the past year, ownership in the Hong Kong-based firm has shifted, with FMR Corp. now Hilfiger’s largest shareholder with an 11.2 percent stake, or 10.1 million shares, as of Sept. 13. A year ago, Boston-based FMR firm did not qualify for the filing, which outlines the holdings of those owning more than 5 percent the company.
Another newcomer was Lord, Abbett & Co. of Jersey City, N.J., with holdings of 4.7 million shares, or 5.2 percent of Hilfiger.
Franklin Resources Inc., of San Mateo, Calif., increased its share of the firm to 7.6 million common shares or 8.4 percent. A year ago the firm carried a 6.7 percent holding. Malvern, Pa.-based Vanguard Horizon Funds decreased its stake to 5.8 million shares, or 6.4 percent. A year ago, the firm held 6.7 percent of the firm.The largest reduction came from Primecap Management Co. of Pasadena, Calif., which dropped from an 11.2 percent share of the firm last year to 6.7 percent, or 6.1 million shares, this year.
Chairman Silas Chou’s total compensation last year rose 17.6 percent to $1.5 million from $1.3 million. Lawrence Stroll, former co-chairman, saw his compensation last year cut by 5.6 percent to to $1.2 million from $1.3 million.
The company also said that Joseph Adamko, a director since 1993, won’t stand for reelection to the board at the company’s annual meeting, to be held Oct. 28 at the Sandy Lane Hotel in Barbados. Robert Sze, a partner of Price Waterhouse Hong Kong, will take Adamko’s place on the board and stand for ratification at the annual meeting. Adamko served on Hilfiger’s audit committee and was chairman of the compensation committee.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)