Emanuel Chirico, chairman and chief executive officer of PVH Corp., which owns Calvin Klein and Tommy Hilfiger, made just over $17 million last year.
This was a fraction below the $17.2 million he took home in 2017, but more than the $16.09 million in 2016, the retailer’s filing with the Securities and Exchange Commission showed.
The 2018 number was made up of a $1.45 million salary, just over $10 million in stock and option awards, $4.7 million in a nonequity incentive plan compensation, a $609,000 change in the value of his pension and $205,831 in other compensation,
The full value of the stock and options, however, may never be realized due to fluctuations in stock prices and vesting schedules.
At the same time, Calvin Klein boss Steven B. Shiffman made $3.69 million, down from $4.44 million in 2017, while Daniel Grieder, ceo of Tommy Hilfiger and PVH Europe, took home $4.68 million, compared to $5.04 million the prior year.
PVH had a tough 2018, led by an underperformance in Calvin Klein during the second half of the year.
It revealed in December that Raf Simons’ relaunch of Calvin Klein Jeans was “too elevated and too fashion-forward for our core consumer,” while the $70 million investment in the 205W39NYC collection did not result in the returns that PVH had hoped for.
Since then, PVH has acted quickly to implement a number of drastic changes, including Calvin Klein designer Raf Simons’ departure, the end of the brand’s collection business and departure of that subsidiary’s president, Michelle Kessler-Sanders, and the shuttering of Calvin Klein’s New York flagship on Madison Avenue in Manhattan.
This has all come at a cost, estimated to be around $240 million, according to its most recent annual report.
In contrast, the Tommy Hilfiger brand has gone from strength to strength.