Boohoo boss pants £650,000 bonus despite fast fashion company’s share price losing nearly half its value in a year
Boohoo chief executive John Lyttle won £1.35m in February
The boss of fast fashion company Boohoo was handed a £650,000 bonus as he plunged into a loss and saw his share price drop nearly half its value in a year.
Chief executive John Lyttle won £1.35m in the year to February – made up of his £651,000 salary and a bonus also amounting to £651,000.
Owner Mahmud Kamani, who co-founded the business in 2006 and is estimated to be worth around £675million, also received an annual bonus of 100% of his salary.
He won £1million. In March, Boohoo shareholders narrowly approved a one-off new incentive deal that could see Lyttle earn a bonus of £50m over the next five years – provided it leads a significant turnaround in the share price. the action.
The stock has plunged more than 45% in the past year as it posted a loss of almost £91million, compared to a profit of £7.8million the year before, after the drop in sales.
Boohoo has been hit by rising costs as well as the return of shoppers to the high street.
