- MILLIONS AT M&S: Marks & Spencer executives took home a total of $12 million for the year ended March 31. Chairman Luc Vandevelde was paid $2.8 million, including $1.8 million in bonus and benefits. Chief executive officer Roger Holmes received $1.8 million, including a bonus of $821,099. The newest member of the management hierarchy is former Selfridges executive Vittorio Radice, who received $2 million. Radice’s pay included a guaranteed bonus of $484,967 and $1.5 million as compensation for loss of benefits at his previous job. Two others in the finance department each received a pay package of $1.2 million. Dollar figures are converted from the pound at current exchange.
- COACH TRADE:
- 21 ON 34TH:
Coach chairman and chief executive Lew Frankfort has entered into a trading plan to sell about 240,000 shares of common stock at specified intervals between August and February 2004, according to a filing with the Securities and Exchange Commission. The shares he plans to sell will be among 325,000 he will receive after option exercises. “The purpose of Frankfort’s trading plan is to diversify a portion of his assets in an orderly manner, while still increasing his outright Coach stock ownership through option exercises,” the company said. Plans of this type are set up under SEC Rule 10b5, which allows company officials to prearrange stock transactions without the possibility of improper inside influence.
Forever 21, the 150-unit fashion retailer based in Los Angeles, plans to open a 25,000-square-foot store at Herald Towers, 50 West 34th Street, on Herald Square, according to Robert K. Futterman & Associates, LLC, a real estate firm specializing in retail leasing and investment sales. Futterman has represented Forever 21 on several sites, including Union Square in Manhattan and Fulton Street in Brooklyn, as well as Chicago and San Francisco.