ASOS PLC (LSE:ASC) new chief executive Jose Antonio Ramos Calamonte has run into a pay row after it was revealed the amount he took home last year jumped by 44% despite huge losses at the online clothing group.
Calamonte’s pay jumped to 1.17 million in the year to 1 September, up from £815,000 a year earlier including bonuses of £376,000 largely linked to the retailer’s performance.
In the year concerned ASOS’s losses rose to £379 million from £296 million while sales fell 16% to £2.9 billion.
Those losses included £100 million in stock writedowns, though excess inventory still amounted to £520 million at the year-end.
Calamonte said at the time last year was about bringing a “disciplined revision of everything we do”.
That meant “clearing through old stock (and) changing our product model to ensure we can bring our customers the best, most relevant product and exiting unprofitable activities.”
A spokeswoman for ASOS told PA: “All employee remuneration is approved by the board and based on industry benchmarks and achieving strategically important objectives.
“Despite challenging market conditions, Asos has made considerable progress to transform the business over the last 12 months.
“Product is in the strongest position it has been in for years, while profitability has been fundamentally improved.”
Shares were flat 365p.