Asos CEO José Antonio Ramos Calamonte experienced a significant pay rise this year, amid increasing company losses.
- The CEO’s remuneration rose by 43% to £1.17 million, despite Asos reporting near £380 million in losses.
- Sales at Asos declined by 18% to £2.9 billion, highlighting challenging market conditions.
- Despite financial setbacks, Calamonte remains optimistic about future profitability due to strategic changes.
- A new value creation plan is set to replace the current incentive scheme next year.
José Antonio Ramos Calamonte, the CEO of Asos, received a noteworthy 43% increase in pay this year, bringing his total earnings to £1.17 million for the fiscal year ending September 1. This pay rise occurred even as Asos grappled with widening pre-tax losses amounting to £379.3 million, up from £296.7 million the previous year. Sales also took a hit, dropping by 18% to £2.9 billion, indicating a tough trading environment for the online fashion retailer.
Calamonte’s pay package comprised an annual salary of £716,436 accompanied by bonuses totalling £376,801. The majority of this bonus originated from an annual bonus reward of £361,585. An additional £15,216 was garnered from the company’s long-term incentive plan. Intriguingly, this incentive scheme is slated to be succeeded by a new value creation plan (VCP) in the forthcoming year, as the company aims to realign its strategic focuses.
Amid these financial challenges, José Antonio Ramos Calamonte has been actively leading a turnaround strategy at Asos. He has expressed that there are already promising signs, or “green shoots,” in the company’s performance, giving rise to cautious optimism. The retailer has attributed this early positive change to a higher proportion of full-price sales and decisive steps taken to enhance order economics. It remains hopeful for significant profit improvements in the first half of the financial year 2025 and onwards, irrespective of revenue fluctuations.
Calamonte’s leadership and strategic adjustments offer a glimmer of hope for Asos’s future despite prevailing fiscal difficulties.
