Burberry boss Joshua Schulman could be in line to receive £12.2m under the luxury brand’s new bonus scheme, according to its annual report that also revealed the company had revised its green ambitions.
The chief executive, who joined the fashion house in July 2024, was paid £4m in the year to March, up from £2.5m during his first nine months.
The package included £1.21m in basic pay, a £2.3m cash bonus and £299,000 in relocation assistance.
Schulman’s pay day comes as Burberry returned to profit in the year to March 28, 2026, as it cut £80m of annual costs and won back Chinese and North American shoppers.
The brand posted a pre-tax profit of £49m, up from a loss of £66m, against sales of £2.4m.
Burberry’s annual report, published on Thursday (May 28), revealed the brand had become the latest to extend its deadline to become carbon neutral by a decade to 2050.
“We have refined our climate targets to reflect a greater understanding of [greenhouse gas] emissions across our value chain,” it said in the report.
“We believe our revised targets reflect a pragmatic response to external factors, while allowing us to maintain a level of ambition in line with our assessment of climate change as a principal risk facing our business.”
From July, Schulman is set to receive a 3% increase on his basic pay and could earn a new long-term share bonus worth 300% of his salary if performance targets, such as increasing annual revenues to £3.1bn by 2029, are met.
This will be on top of an existing share bonus that is being reduced from a maximum of 162.5% of salary to 150%.
Burberry’s report said Schulman’s target pay was £6.4m and could rise to £12.2m in three years based on the new pay policy, if he hits the most “stretching performance targets” and the share price increases by 50%.
The chair of Burberry’s remuneration committee Danuta Gray said the chief executive’s reward scheme had “been chosen so as to be appropriately incentivising” and aimed to retain him by improving his pay position relative to those heading the brand’s luxury peers.
The brand’s new pay scheme is subject to a shareholder approval at its annual meeting in July.
No comments yet