Luxury Titan Pinault Gives Up Part Of Salary Over Virus
Paris, (UrduPoint / Pakistan Point News - 10th Apr, 2020 ) :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 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.