Fashion designer Christopher Bailey poses during the opening ceremony of the new Burberry flagship store in Hong Kong. Burberry PLC replaced Christopher Bailey as its CEO, ending the project of having him both lead the fashion house and serve as its chief creative officerBurberry CEO, Hong Kong

SUMMER SHARES: Christopher Bailey may have forgone his bonus two years in a row, but that decision hasn’t left him with empty pockets. On the contrary — Burberry’s chief creative officer has begun cashing in part of an options package of one million shares granted to him in 2013.

This week the designer took home around 1.7 million pounds, net of tax, after selling 174,050 shares at a price of 17.97 pounds. As reported, a chunk of the 2013 options package vested last month.

In the 2016-17 fiscal year, Bailey’s salary of 1.1 million pounds was flat on the previous year. He received benefits and allowances of 469,000 pounds; pension contributions of 330,000 pounds; and 240,000 pounds as part of a share plan.

Last year, he also scooped an exceptional share award of 1.4 million pounds as part of a performance-linked bonus agreed upon in 2014, when he took on the added role of chief executive officer. He has since passed the baton to Burberry’s new ceo, Marco Gobbetti.

Bailey turned down his bonus “in light of the underlying financial performance of the business for the year.” Burberry said the board “welcomed” and agreed with his decision.

As reported, profits for fiscal 2016-17, which ended on March 31, fell 7.3 percent to 286.8 million pounds, in line with analysts’ expectations, while revenue was down 10.4 percent on a reported basis, and 2 percent on an underlying one to 2.77 billion pounds.

The year had been a tough one for Burberry, which in 2016 laid out a restructuring and cost-savings plan aimed at reshaping the company for a future of slower growth in fashion and luxury goods and a digitally engaged, want-it-now customer base.

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