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Calamonte was paid a total of £1.17m in the 12 months to 1 September, up from £814,858 in the same period in 2023, according to Asos’s annual report published today (18 November).
The £1.17m pay package included an annual salary of £716,436 and £376,801 in bonus payments, including an annual bonus of £361,585.
Asos’s full-year revenue fell by 18% to £2.9bn, with operating losses mounting to £331.9m, which the business attributed to weakened consumer demand and “tough” competition from more affordable fast fashion etailers and online resale marketplaces. Loss before tax stood at £379.3m, compared with £296.7m in the previous year.
An Asos spokesperson told Drapers: "All employee renumeration including bonus is approved by the board and based on industry benchmarks and achieving strategically important objectives.
"Despite challenging market conditions, Asos has made considerable progress to transform the business over the last 12 months.
"Product is in the strongest position it has been in for years, while profitability has been fundamentally improved, leading to the delivery of positive adjusted EBITDA [of £80.1m, down 44% year on year] and significantly improved free cash flow [of £37.7m, a £250.7m improvement on 2023]."
Recent months have seen retailers including Dr Martens and Burberry waive leadership bonuses in light of underperforming profits, while Boohoo Group scrapped executive bonuses following backlash from shareholders.
In August, British casual wear retailer Crew Clothing sued former CEO David Butler over his £600,000 bonus.
Read more: Should under-performing brands scrap exec bonuses?
English (US) ·