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Asos CEO José Antonio Ramos Calamonte received a bumper pay rise of 44% following a £300k bonus despite the fashion retailer’s losses widening to £379.3m for the year to 1 September.
The annual bonus of £361,585, which GMB Union called “rewarding spectacular failure” in The Guardian, comes as Asos saw its pre-tax loss widen from £296.7m to £379.3m due to sales falling by 18% to £2.9m in FY24.
According to the retailer’s annual results, Calamonte was paid £1.7m for the period, spelling a noted increase from £814,858 paid to him in 2023.
Broken down, Asos paid its CEO an annual salary of £716,436 and a further £376,801 in bonus payments, as well as the annual bonus of £361,585.
Calamonte also received approximately £15,216 from Asos’ long-term incentive plan, which will be replaced by a new value creation plan (VCP) in the new trading year.
The CEO maintains that Asos has experienced “green shoots in performance” in FY24, having spearheaded a turnaround plan.
An Asos spokesperson told Retail Sector: “All employee remuneration including bonus 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.”
They added: “Product is in the strongest position it has been in for years, while profitability has been fundamentally improved, leading to the delivery of positive adjusted EBITDA and significantly improved free cash flow.”
