Boohoo boss pants £650,000 bonus despite the fast fashion company’s share price losing nearly half of its value in a year
Boohoo chief exec John Lyttle took home £1.35 million in the year to February
The boss of fast-fashion company Boohoo has been awarded a £650,000 bonus despite losing money and the share price losing nearly half of its value in a year.
Chief executive John Lyttle took home £1.35 million in the year to February, comprising his salary of £651,000 and a bonus of also £651,000.
Owner Mahmud Kamani, co-founder of the company in 2006 and estimated to be worth around £675 million, also enjoyed an annual bonus worth 100 per cent of his salary.
He took home £1 million. In March, Boohoo shareholders narrowly approved a new bumper incentive deal, which could see Lyttle earn a £50m bonus over the next five years – provided he leads a significant turnaround in the share price.
The stock is down more than 45 per cent over the past year as it made a loss of nearly £91m from a £7.8m gain last year after sales slipped.
Boohoo was hit by rising costs and customers returning to the high street.