How to Make Money in Fashion - 67 Executives Who Made More than $5 Million Last Year
(Getty) Reed Krakoff isn't just an award-winning designer, he's a baller.
Here are some heartening numbers for aspiring fashion workers (and, perhaps, fashion students' parents)—67 fashion execs at publicly-traded companies made more than $5 million last year, according to a report in WWD.
At the top of the heap, JCPenney CEO Ron Johnson received a $53.3 million compensation package in 2011; Abercrombie & Fitch CEO Michael Jeffries earned $48 million; and Iconix President and CEO Neil Cole made $37.4 million.
Also in the top ten: designer and Coach President and Executive Creative Director Reed Krakoff at $21.2 million; Ralph Lauren at $36.3 million; Nike President and CEO Mark Parker at $35.2 million; former JCP Chairman Myron Ullman at $34.5 million; JCP COO Michael Kramer at $33.4 million; JCP Chief Talent Officer Daniel Walker $20.2; Target Chairman, President, and CEO Gregg Steinhafel at $19.7 million.
So, for all the $28,000-a-year assistants out there looking to strike it rich in the fashion industry, it looks like business is the right way to go. According to WWD:
Large fashion companies are increasingly seen as needing generalists, executives able to oversee sprawling corporate empires and work with a range of strong personalities with very different skills.As for the people at the top—well, you know what they say about money being wasted on the rich?—turns out they're not even in it for the money.
"None of them have to work for money," search firm Simpson Associates President Terre Simpson told WWD. "It's the drive for success and accomplishment. They work because of the challenge; it's not really the compensation, that's the secondary result of their drive to be challenged."
So there you have it, folks—work hard, love what you do, and rise to the challenge... and dream of that $5 million paycheck!