Christopher Bailey gets 75 percent pay cut

Quite recently, they only talked about success. Burberrywhat their advanced system of interaction with consumers through the most modern technologies is, and now we find out some very sad news. Christopher Bailey received a pay cut amid poor performance at the company.

Burberry recently announced spending cuts and a share buyback. Thus, the company is trying to win back the fall in the value of its own shares, which have depreciated by about 35 percent over the past 12 months. Therefore, for 2016, Christopher Bailey will receive a salary 75 percent less than in 2015. This means that he will be paid 1.89 million pounds, compared with 7.51 million a year earlier.

The poor performance was due to the decline in sales in Hong Kong, tightening of trade rules in the United States and fluctuations in exchange rates. The fashion house's pretax income and profits were down 8 percent and 10 percent last year, respectively. Despite the general decline in the luxury goods market, Burberry's performance was even worse than many other companies.

More and more successful brands are downsizing and optimizing, which clearly demonstrates that the problems in the economy are not only in Russia, but all over the world.