Boohoo’s boss has been handed a £650,000 bonus despite the online fashion retailer swinging to a full-year loss
John Lyttle, the group’s CEO, pocketed a total pay of £1.35mln in the year to 28 February, split evenly between his salary and bonus.
Shareholders approved a new incentive in March that could see Lyttle earn a £50mln bonus over the next five years should he significantly improve the retailer’s share price.
Boohoo’s owner, Mahmud Kamani, also enjoyed an annual bonus that matched his salary.
Kamani, estimated to be worth around £675mln, took home £1mln last year.
Last week, Boohoo plummeted to a pre-tax loss of £90.7mln in the year to 28 February.
Despite this, shares bounced slightly, with the market generally positive about the group’s cash position, especially when compared to competitor Asos.
Boohoo had a free cash flow of £30.2mln, whereas Asos had a cash outflow of £125mln, well below predictions of inflows of around £50mln.