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| Burberry boss Christopher Bailey takes 75% pay cut | |
| (about 7 hours later) | |
| The boss of Burberry, Christopher Bailey, has had a 75% pay cut as the luxury brand battles against slowing growth and a share price fall. | |
| His pay fell from £7.5m in the 2014/15 financial year, to £1.9m in 2015/16, according to Burberry's annual report. | His pay fell from £7.5m in the 2014/15 financial year, to £1.9m in 2015/16, according to Burberry's annual report. |
| The fashion brand has been hit by lower spending in key Asian markets such as Hong Kong, while Chinese tourists have been spending less in Europe. | The fashion brand has been hit by lower spending in key Asian markets such as Hong Kong, while Chinese tourists have been spending less in Europe. |
| Last month, Burberry reported a 10% fall in annual profits. | Last month, Burberry reported a 10% fall in annual profits. |
| Over the past 12 months, the share price has dropped by 35%. | Over the past 12 months, the share price has dropped by 35%. |
| Last year - in better times - Mr Bailey earned more than £1.7m in bonus payments alone. | Last year - in better times - Mr Bailey earned more than £1.7m in bonus payments alone. |
| In 2015/16, his base salary remained flat at £1.1m. On top of that, he earned £464,000 in allowances and pension payments of £330,000. | In 2015/16, his base salary remained flat at £1.1m. On top of that, he earned £464,000 in allowances and pension payments of £330,000. |
| However, he earned no bonus or incentive payments. | However, he earned no bonus or incentive payments. |
| "Our overall approach to incentive structures for all staff, including senior management, is based on performance," said Burberry's chairman, John Peace. | "Our overall approach to incentive structures for all staff, including senior management, is based on performance," said Burberry's chairman, John Peace. |
| "When the business does not perform as well, this has an impact on what we pay to our staff." | "When the business does not perform as well, this has an impact on what we pay to our staff." |