EXEC PAY: Gap Inc. might be between chief executive officers at the moment, but it still has quite a few top executives on its payrolls.
The struggling retailer, which saw sales fall 6.3 percent to $15.6 billion last year, laid out its executive compensation in its proxy statement to the Securities and Exchange Commission on Wednesday, detailing just who made what.
As is typical at the upper echelons in retail, the pay packages were heavy on stock and option grants, which are tied to the company’s performance and might never materialize for the executives.
Here’s the rundown the company’s executive pay last year:
- Interim CEO Bob Martin received total compensation of $8.5 million, including $7.4 million in stock awards.
- Former CEO Sonia Syngal, who the company said left in July “in light of our overall performance,” logged compensation valued at $11.2 million, including $9.9 million in stock and option awards.
- Former Old Navy chief Nancy Green’s pay tallied $5.1 million and included $4.1 million in stock and options.
- Her replacement Horacio Barbeito’s pay totaled $6.8 million, including stock awards of $5.4 million.
While executive pay — even after a rocky run and quick departure — seems exorbitant to many, compensation experts say boards are first and foremost keen to find the right leaders to run their multibillion-dollar operations, where good performance helps everyone.
Gap seems to be readying the corner office and has been moving quickly to clear excess inventory and cut costs to clear the way.
On a conference call with analysts this month, Martin said: “The board is getting close to choosing the next CEO for Gap Inc. As a result of the work we have underway to build a stronger foundation and restore the company’s creative muscle, we are optimistic that this will provide our new leader with a quicker ramp in driving consistent, profitable growth over the long term.” — EVAN CLARK
CLOSE TO HOME: Harlem-based designer Toussaint Rosefort didn’t have to travel far and wide for design inspiration for his signature label.
Born and raised on Long Island, he frequently visited relatives in New York City and day-tripped there with his father, who commuted there for work. The cultures of the five boroughs inspired the debut collection, which will be unveiled Thursday night at a show at St. Georges Church near Gramercy Park.
The predominantly black menswear has style options for either gender. The handful of women’s ones will include a custom bridal ensemble that combines a luminous cape with a long black skirt. His designs draw upon such opposing conduits as clergical cossacks and the Bauhaus and Brutalist schools of architecture.
His uncle Santos Espada’s work as a fashion designer intrigued Rosefort. As a college undergraduate, he studied political science at the University of Buffalo and later studied at Parsons School of Design “to get what he needed from some great teachers,” including former fashion illustrator Glenn Tunstull.
After consulting for a few companies, including Tommy Hilfiger for its urban push in jeans, Rosefort decided to start his company. To that point, the runway presentation will feature male and female models. A bridal look geared for curvaceous brides that can be custom-ordered will close out the show. A bondage wrap blazer, a cashmere wool puffy trenchcoat and rose petal pants are expected to be key pieces in the 20-piece collection.
Aiming to offer wholesale and direct-to-consumer, the designer said buyers from specialty stores will be on hand at Thursday’s show. With retail prices ranging from $200 to $2,000, the “clean and concise” line is meant to be versatile enough for a night that starts at the Metropolitan Opera at Lincoln Center and ends at a rave in Brooklyn, according to the designer. His indie spirit will be evident in the runway show’s casting, which will feature Logan Sylve, Dylan Blanco and other friends, who are artists, models and DJs. Matt Rossi, for example, will not only style the show but will model in it.
As a nod to the show’s religious setting, there will be pieces that are reminiscent of priests’ robes and emblems of crosses. After spending a good amount of time “cold-calling” churches in the city and scouting venues, the designer said his aim was to respect the religious aesthetic and not change too much for the show. With dim lighting, seating for 75 and a beautiful interior that includes a subterranean element, the Rutherford Place location had “the romantic, old feel” that Rosefort sought.
The first-year projected wholesale volume for the self-funded launch is upward of six figures. Rosefort said he had been approached about a financial investment but prefers for the time being to maintain creative and financial control. That may change as the business progresses, he said. — ROSEMARY FEITELBERG
JOINING FORCES: World of Women, a NFT initiative created to further female representation, has joined up with Nicole Richie’s House of Harlow 1960, marking the former’s first physical product launch for the open market, the parties revealed.
Cocreated by artist Yam Karkai and Raphaël Malavieille, WoW made its mark in 2021 with a 10,000-piece collection of generative NFT artworks celebrating women from a variety of backgrounds. It became a hit, not just in Web 3.0 circles, but also among women’s rights and diversity advocates, mainstream brands, media outlets and celebrities, especially when it caught Reese Witherspoon’s attention. The effort seemed to take aim at a glass ceiling with NFTs, which until then had the reputation of being a boys’ club.
Richie became a fan on a personal, and now professional, level. For the TV personality, fashionista and entrepreneur, the WoW x HoH partnership looked like a spiritual match, as both parties are female-centric brands that aim to inspire and empower.
“It’s been a privilege to collaborate with Yam and World of Women. I am a fan of her art and I appreciate that she highlights and empowers women by making them a center of her work,” she explained. “I’m excited to bring these two communities together and have World of Women’s first collaboration available to the general public be with HoH1960.”
The limited-edition line, which consists of a T-shirt, hoodie, tote bag and a ring, will launch on April 5, but existing WoW and WoW Galaxy NFT holders get a special perk — six hours of early access before doors open more broadly to the public. Token ownership will be verified through Tokenproof via Shopify.
Stylistically, customers can expect to see Karkai’s playful and fanciful sensibility, with vivid, yet harmonious colors set against delicate lines. And, as one would expect, the work puts women at the center of it all.
“Our brands, World of Women and House of Harlow, share a deep commitment to empowering women, celebrating diversity and a passion for creativity, which made this collaboration particularly meaningful,” said Karkai. “It’s a testament to the power of women supporting women and I’m thrilled to bring our communities together.” — ADRIANA LEE