Saturday, April 17, 2010

In The World Of Fashion

Jenna Lyons is doing something very, very right. J.Crew Group Inc. has just announced that Lyons, formerly creative director, has been promoted to executive creative director for J.Crew, and she will receive a $325,000 bonus. This comes six months after Lyons received a $1 million bonus, which was awarded on the condition that she must pay it back in full should she leave J.Crew within 2 years or pay back in half should she exit the brand in 4 years.

Chairman and chief executive officer Millard "Mickey" Drexler will also benefit from a cash payout of $2 million, part of the a series of bonuses paid out by the company's compensation committee to reflect J.Crew's strong performance. Other beneficiaries include Tracy Gardner, president of the retail and direct businesses, who will receive $425,000, chief administrative and financial officer James Scully, who will get $250,000 and executive vice president of factory Libby Wadle, who will receive $200,000. In 2009's extremely challenging climate, J.Crew’s total income more than doubled, with a revenue increase of $1.58 billion. I am absolutely schocked that they did so well...

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