The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
PARIS, France — François-Henri Pinault, the French billionaire chairman and CEO of luxury goods group Kering, has agreed to a pay cut in the latest example of top executives accepting lower salaries as a gesture of solidarity during the coronavirus crisis.
"Given the current context of the COVID-19 pandemic and its impact on economic activity, François-Henri Pinault, chairman and CEO of Kering, has decided to reduce the fixed portion of his salary by 25 percent from April 1st, until the end of 2020," Kering said on Friday.
"In addition, François-Henri Pinault and Jean-François-Palus, Group Managing Director, have decided to waive the entirety of the variable portions of their annual remuneration for 2020," added the company.
By Sudip Kar-Gupta; Editor: Mark Heinrich.
Serre, who grew sales by 20 percent in 2023, has been named Pitti Uomo’s next guest designer. She’s using the opportunity to show her men’s collection for the first time.
Hermès’ elusive sales strategy is at the centre of a new legal challenge for the French luxury giant. BoF breaks down the practices under scrutiny and what the suit could mean for the fashion industry at large.
A sharp drop in the label’s Asia-Pacific sales is the latest sign that Chinese luxury demand is cooling.
This week, Kering flagged sales were down 20 percent at its flagship brand, knocking confidence in the group’s turnaround strategy. ‘A more drastic solution is required,’ one analyst wrote.