There’s no payday in fashion that looks anything like what Elon Musk is trying to reel in at Tesla, where shareholders gave the thumbs-up to a $56 billion stock payout that still faces legal challenges.
But the pay for chief executive officers at the largest U.S. retail and fashion companies is still pretty good. White men still make up the majority of fashion’s highest-paid executives. . And the highest-paid CEOs received more than two-thirds of their pay in stock and option awards, on average. That’s money that still depends on how the company’s stock performs, tying the CEO’s pocketbook with the fortunes of shareholders.
While many of the biggest executive paydays came at the industry’s largest players, that wasn’t always the case. The highest-paid executive in the U.S. fashion industry in 2023 was Morris Goldfarb, chairman and CEO of G-III Apparel Group. Goldfarb, who’s spent half a century atop the company parent company of DKNY, Donna Karan, Karl Lagerfeld and others, has been busy stabilizing the business after the loss of the Calvin Klein and Tommy Hilifger licenses. The plan at G-III now includesIce Spice Goes Sheer in Studded Maxidress, Kim Cattrall Puts Suiting Spin on Little Black Dress and More Stars at Alexander Wang's 'No Season' Fashion ShowKate Middleton Steps Out in a White Jenny Packham Dress for First….