About: http://data.cimple.eu/news-article/66d7aacfab71381cfbcba46ff5838f74481e48f32ca8857df2f9b033

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About: http://data.cimple.eu/news-article/66d7aacfab71381cfbcba46ff5838f74481e48f32ca8857df2f9b033 Goto Sponge Distinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Francois-Henri Pinault, the head of French luxury group Kering, has agreed to give up a quarter of his fixed wages for the rest of the year and the entirety of his variable compensation for 2020, the company said Friday. The luxury group which includes labels such as Gucci, Saint Laurent, Balenciaga and Bottega Veneta in its stable, put the move down to "the current context of the COVID-19 pandemic and its impact on economic activity". While the luxury sector largely bucked a slowdown in global growth last year due to the China-US trade war, the closure of non-essential shops by many governments to stem the spread of COVID-19 has disrupted their business badly. Pinault's fixed wages have been set at 1.2 million euros annually since 2017. As for what he would have received in variable remuneration, it depends on the company's performance, but he is set to receive 947,000 euros for last year after 1.9 million euros in 2018. Last month Kering said it expected a drop of 13-14 percent in sales in the first three months of the year, when China, a key market, imposed a massive lockdown which it is only now easing. Pinault is the latest in a series of executives worldwide to reduce their compensation as many firms have been forced to furlough staff to cut other costs to survive the crisis. kd/rl/bmm
schema:headline	Luxury titan Pinault gives up part of salary over virus
schema:mentions	Dissociation constant Furlough Wind power by country Trade war 2020 Hubei lockdowns Gucci Balenciaga Pandemic France Virus China Coronavirus disease 2019 François-Henri Pinault Bottega Veneta Key market Kering
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-10 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	79 (xsd:integer)

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