Burberry boss could earn up to £12.2m under new bonus scheme

The boss of Burberry could earn up to £12.2m after the luxury British brand introduced a new bonus scheme. Joshua Schulman, a former chief executive of the US fashion brand Coach who was hired in July 2024 to help revive Burberry, was paid £4m in the year to March, up from £2.5m for his first nine months in the job. The latest year’s pay package included £1.2m in basic pay, a £2.3m annual cash bonus and £299,000 in relocation assistance after a move from New York, according to Burberry’s annual report published on Thursday. The company made pre-tax profits of £49m in the year to 28 March, compared with a loss of £66m in the previous 12 months, as it cut £80m of annual costs, trimmed store numbers and won back Chinese and North American shoppers under Schulman’s Burberry Forward campaign. The brand has moved away from discounting and has prioritised sales of core products including trenchcoats, scarves and bags. Photograph: Burberry Sales were flat year on year at £2.4bn, once the effect of exchange rates was taken into account, as the brand moved away from discounting and prioritised sales of core products including trench coats and scarves. The pay package of Kate Ferry, the finance director of Burberry, more than doubled to £2.5m, up from £904,000 the previous year, and included a £1.3m cash bonus and £457,000 long-term bonus. Ferry could earn £5.6m this year if she hits all targets and Burberry’s share price increases by 50%. …