Kim Jones at Burberry? Yes, but only if the British brand is willing to cough up GBP 24 million a year. That would be the sum requested by the now former creative director of Fendi and Dior to take over the stylistic helm of the British brand in search of a relaunch. After all, given the continuous and increasingly rapid turnover of chairs, the job of creative director is becoming more and more uncertain. The average time spent on the job is reduced, and the salary consequently rises. Not to mention the costs for brands to reach an agreement with designers when there is a divorce.
24 million pounds
It is undeniable that the mandates of creative directors in the fashion industry are getting shorter and shorter amidst a flurry of changes. In this sense, De Sarno’s exit from Gucci after two years is emblematic. But if the creative director stays in the saddle for less time, higher salary demands can be expected. Here, then, according to sources reported by some media (including Ladymax), Kim Jones was contacted by Burberry. The designer would have demanded an annual salary of 24 million pounds to take on the role of creative director. But beyond the sum, it seems increasingly certain that Burberry is yet another brand looking for a new creative director to change direction and relaunch itself.
There is also settlement
There is also an extra cost. That of the current creative director’s payout. In the case of Burberry, we are talking about Daniel Lee, while in the past some examples, although dated, seem significant. Like when, between 2012 and 2013, the separation between Balenciaga and Nicolas Ghesquière took place, the latter received compensation for breach of contract (early termination) amounting to EUR 6.5 million. In addition, Kering was forced to shell out a further EUR 32 million to repossess the 10% shares in the company it had granted to Ghesquière when it bought Balenciaga in 2001. Also famous is the lawsuit that Hedi Slimane filed against Saint Laurent and its parent company Kering (them again…). In 2020, the French group was ordered to pay the designer EUR 10 million for the non-compete clause. He then shelled out another EUR 9.3 million to settle his last year of work.
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