Burberry CEO Christopher Bailey’s pay was cut by 75% as the luxury fashion house experienced a drop in profits.
Last year, Bailey took nearly £1.9m as total pay, which included £330,000 in pension contributions pension and £464,000 in other benefits. He was paid £7.5m in 2014, reported The Guardian.
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Burberry’s chairman John Peace was quoted by BBC as saying: "Our overall approach to incentive structures for all staff, including senior management, is based on performance.
"When the business does not perform as well, this has an impact on what we pay to our staff."
Burberry’s other executive directors too did not receive bonus. Finance director Carol Fairweather’s pay dropped by £1m to £683,000.
Burberry saw its business boost as newly rich Chinese consumers purchased products from its stores. However, with these customers, who represent 40% of the total shoppers, cut down their spending due to slowing economy, the company’s profits too took a hit.
The price of its shares saw a drop of 35% last year.
Last month, the luxury chain’s annual profits decreased by 10% to £421m.
