Asos boss José Antonio Ramos Calamonte enjoyed a 43% pay bump this year, despite the fashion retailer’s losses widening to near £380m.
The chief executive was paid £1.17m for the year to 1 September, up from his £814,858 pay packet in 2023, the fashion retailer’s annual report shows.
Calamonte took home an annual salary of £716,436 and £376,801 in bonus payments, including an annual bonus of £361,585.
He received £15,216 from the online giant’s long term incentive plan, which will be replaced by a new value creation plan (VCP) in the current year.
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Calamonte’s bumper pay packet comes as Asos saw its pre-tax loss widen from £296.7m to £379.3m as sales plunged 18% to £2.9bn.
The chief executive, who has been spearheading a turnaround plan, said the retailer is already experiencing “green shoots in performance” as it continues with its new strategy.
An Asos spokesperson told Retail Gazette: “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 and significantly improved free cash flow.”
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