- Huw Hughes |
Boohoo has announced a new 150 million pound management incentive plan “to motivate key members of the management team to continue to achieve exceptional levels of performance across the group and deliver further returns for its shareholders”.
Under the proposed plan, top executives will share a maximum of 150 million pounds if the market capitalisation rises by 66 percent to 7.55 billion pounds over the 3 year-performance scheme period.
Participants in the scheme include co-founders Mahmud Kamani and Carol Kane who will get a third of the payout each, and CFO Neil Catto who will get 6.67 percent.
“During unprecedented and challenging times, the group has delivered a very strong trading and operational performance,” said Boohoo group CEO John Lyttle in a statement. “I am proud of how our colleagues and business partners from around the world have responded to ensure that we can safely bring to our customers the latest fashions, great value, fantastic prices and best in class service.
“Whilst there is a period of uncertainty within the markets in which we operate, the Group is well-positioned to continue making progress towards leading the fashion e-commerce market globally."
The online fashion retailer has been one of the few success stories of the Covid-19 crisis. Its revenues were up 44 percent to 367.8 million pounds for the first quarter of the year and it continues to snap up ailing retailers to add to its fast-growing empire. In its most recent trading update, it announced it had acquired the online businesses and all associated intellectual property of Oasis and Warehouse for 5.25 million pounds.
Photo credit: Boohoo