Burberry boss with £440k ‘allowance’ on top of salary

CHRISTOPHER Bailey has enjoyed a meteoric rise at high- end fashion brand Burberry, famed for its trench coats, joining as design director in 2001 and taking the helm of the business in 2014.

But his giddy ascent was not to last – the 46-year-old stepped down as chief executive of the business in July amid investor concerns that he could not be boss as well as its creative director. He remains chief creative officer and has also become president of the company.

Yet Mr Bailey, originally from Halifax, will still pocket a substantial benefits package even in his diminished role.

On top of his salary, he is entitled to a cash allowance of £440,000 a year as well as private medical insurance worth £18,000, life assurance worth £6,000 and disability insurance worth £5,000.

His package of taxable benefits for the 2016/17 financial year totalled £469,000, helping push his total remuneration for the year up to £ 3.5million. But unlike other employees Mr Bailey, who is married to British actor Simon Woods, is not entitled to a clothing allowance.

New chief executive Marco Gobbetti, a 58-year-old Italian, will take the same £1.1million basic salary as Mr Bailey – but can command a cash allowance of £80,000 to cover travel, a car – and of course, clothing. He took the top job in July and will earn a maximum of £7.3million a year in salary and bonuses.

Former chief operating officer John Smith’s clothing allowance cost the firm £15,000 last year while chief financial officer Carol Fairweather’s totalled £12,000.