There’s no payday in fashion that looks anything like what Elon Musk is trying to reel in at Tesla, where shareholders gave the thumbs-up to a $56 billion stock payout that still faces legal challenges.
But the pay for chief executive officers at the largest U.S. retail and fashion companies is still pretty good.
The list of the industry’s highest-paid CEOs has plenty of familiar names and trends.
White men still make up the majority of fashion’s highest-paid executives. (The two women at the top are Barbara Rentler, chief of Ross Stores Inc., and Fran Horowitz, head of Abercrombie & Fitch Co.).
And the highest-paid CEOs received more than two-thirds of their pay in stock and option awards, on average. That’s money that still depends on how the company’s stock performs, tying the CEO’s pocketbook with the fortunes of shareholders.
While many of the biggest executive paydays came at the industry’s largest players, that wasn’t always the case. The highest-paid executive in the U.S. fashion industry in 2023 was Morris Goldfarb, chairman and CEO of G-III Apparel Group.
Goldfarb, who’s spent half a century atop the company parent company of DKNY, Donna Karan, Karl Lagerfeld and others, has been busy stabilizing the business after the loss of the Calvin Klein and Tommy Hilifger licenses. The plan at G-III now includes controlling the company’s destiny with new acquisitions and a new focus on owned brands, including the relaunch of Donna Karan this year.
Here, a rundown of the industry’s highest-paid CEO’s for 2023, according to company regulatory filings.
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Morris Goldfarb
G-III Apparel Group, chairman, CEO
Total Compensation: $31,431,039 +442.8%
Base Salary: $1,148,077
Stock and Option Awards: $20,709,998
Bonus and Incentive Pay: $9,384,000
Net Revenues: $3 billion -4%
Fiscal Year Ended: 1/31/2024
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Doug McMillon
Walmart Inc., president, CEO
Total Compensation: $26,968,924 +6.6%
Base Salary: $1,505,769
Stock and Option Awards: $19,608,750
Bonus and Incentive Pay: $4,500,000
Net Revenues: $643 billion +6.1%
Fiscal Year Ended: 1/31/2024
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Ernie Herrman
TJX Cos. Inc., president, CEO
Total Compensation: $22,222,769 +8.3%
Base Salary: $1,732,695
Stock and Option Awards: $10,900,088
Bonus and Incentive Pay: $7,950,096
Company Revenues: $54 billion +9%
Fiscal Year Ended: 2/3/2024
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Brian Cornell
Target Corp., chair, CEO
Total Compensation: $19,203,353 +8.7%
Base Salary: $1,400,000
Stock and Option Awards: $14,720,515
Bonus and Incentive Pay: $2,613,800
Company Revenues: $107 billion -1.6%
Fiscal Year Ended: 2/3/2024
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Barbara Rentler
Ross Stores Inc., vice chair, CEO
Total Compensation: $18,094,944 +59.6%
Base Salary: $1,445,625
Stock and Option Awards: $10,700,095
Bonus and Incentive Pay: $5,800,000
Company Revenues: $20 billion +9%
Fiscal Year Ended: 2/3/2024
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Jay Schottenstein
American Eagle Outfitters Inc., chairman, CEO
Total Compensation: $16,793,219 +71.8%
Base Salary: $1,817,308
Stock and Option Awards: $8,300,004
Bonus and Incentive Pay: $6,360,577
Company Revenues: $5 billion +5.4%
Fiscal Year Ended: 2/3/2024
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Calvin McDonald
Lululemon Athletica Inc., CEO
Total Compensation: $16,494,777 +5.3%
Base Salary: $1,292,308
Stock and Option Awards: $9,999,948
Bonus and Incentive Pay: $5,169,231
Company Revenues: $10 billion +18.6%
Fiscal Year Ended: 1/28/2024
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Chip Bergh
Levi Strauss & Co., former chairman, CEO
Total Compensation: $15,623,233 -1.5%
Base Salary: $1,544,231
Stock and Option Awards: $11,949,250
Bonus and Incentive Pay: $1,741,215
Company Revenues: $6 billion +0.2%
Fiscal Year Ended: 11/26/2023
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Stefan Larsson
PVH Corp., CEO
Total Compensation: $15,613,904 +28.6%
Base Salary: $1,291,667
Stock and Option Awards: $11,101,772
Bonus and Incentive Pay: $2,784,080
Company Revenues: $9 billion +2.1%
Fiscal Year Ended: 2/4/2024
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Fran Horowitz
Abercrombie & Fitch Co., CEO
Total Compensation: $15,035,354 +36.3%
Base Salary: $1,401,923
Stock and Option Awards: $8,872,572
Bonus and Incentive Pay: $4,725,000
Company Revenues: $4 billion +15.8%
Fiscal Year Ended: 2/3/2024
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Richard Dickson
Gap Inc., president, CEO since August 22
Total Compensation: $14,365,008
Base Salary: $697,159
Stock and Option Awards: $11,542,892
Bonus and Incentive Pay: $1,802,511
Company Revenues: $15 billion -4.7%
Fiscal Year Ended: 2/3/2024
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Bracken Darrell
VF Corp., president, CEO since July 17
Total Compensation: $13,535,399
Base Salary: $919,945
Stock and Option Awards: $12,476,564
Bonus and Incentive Pay: $0
Company Revenues: $10 billion -10%
Fiscal Year Ended: 3/30/2024
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Jeff Gennette
Macy’s Inc., former chairman, CEO
Total Compensation: $11,821,259 +6.9%
Base Salary: $1,425,000
Stock and Option Awards: $8,226,596
Bonus and Incentive Pay: $1,753,630
Company Revenues: $24 billion -6.2%
Fiscal Year Ended: 2/3/2024
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Martin Waters
Victoria’s Secret & Co., CEO
Total Compensation: $10,925,251-12.7%
Base Salary: $1,250,000
Stock and Option Awards: $8,851,198
Bonus and Incentive Pay: $788,738
Company Revenues: $6 billion -2.6%
Fiscal Year Ended: 2/3/2024