John Idol’s Pandemic Pay Cut

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John Idol, chairman and chief executive officer of Carpi Holdings Ltd., took a big COVID-19 cut to his salary, which tallied just $24,502 last year. 

That’s down from $1.4 million a year earlier. 

Idol voluntarily elected to forego his salary once the pandemic hit and “in light of the significant impact COVID-19 had on our business,” the company said in a regulatory filing with the Securities and Exchange Commission late Tuesday. 

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That is going quite a bit further than many other executives went — but Idol still ranks as one of the highest-paid executives in fashion. 

Idol’s total compensation fell 30.3 percent to $8.2 million last year, with $6 million of that coming in the form of stock awards, the full value of which depends on future stock prices and vesting schedules. He also received incentive pay of $2 million and other compensation of $143,918.

 As CEO, Idol has had to steer the company — owner of Versace, Jimmy Choo and Michael Kors — through an unprecedented storm. 

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“During the year, we reevaluated and refined Capri Holdings’ strategic direction to ensure the company emerges from the pandemic stronger and more profitable,” he told analysts last month. “For Versace and Jimmy Choo, we reaffirmed our long-term plans and are even more enthusiastic about the prospects of these luxury houses. For Michael Kors, we recalibrated our plans to further elevate the brand positioning and deliver higher profit margins, which we have already begun to achieve. With the strategic reset of our business, we believe Capri Holdings is well positioned to achieve our goal to grow to $7 billion in revenue.”

That’s projecting significant growth ahead.

Capri logged revenues of $4.1 billion for the year ended March 27 and revenues of $5.6 billion in the year just before the pandemic.

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