The fashion industry can be financially daunting for many professionals, especially if you're in the more creative aspect of the business. However there are many fashion industry employees raking in the millions. WWD reported a list of the 67 earners who are lucky enough to see a few extra zeroes on their check.
The high earners' titles come to no surprise; the list includes presidents, talent officers, and creative directors. Also, many on the list are from large companies like JCPenney and Target.
In an industry largely catered to women, it's a shame that only six out of 67 on the list are female. Terre Simpson, president of Associates, explains the numbers saying, "In order to be a CEO, you usually are in your 40s or older. Those generations, the women and men were treated differently growing up. Girls had to behave. You weren't allowed to take chances. It was a different world."
Simpson also shares that the earners aren't motivated by the dollar signs. "None of them have to work for money. 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," she says.
Check Fashionista's Top 10 list based on the report:
1. Ron Johnson, CEO, J.C. Penney
Total 2011 Pay: $53,281,505
2. Michael Jeffries, chairman and CEO, Abercrombie & Fitch
Total 2011 Pay: $48,069,473
3. Neil Cole, president and CEO, Iconix
Total 2011 Pay: $37,424,782
4. Ralph Lauren, chairman and CEO, Ralph Lauren
Total 2011 Pay: $36,325,782
5. Mark Parker, CEO and president, Nike
Total 2011 Pay: $35,212,678
6. Myron E. "Mike" Ullman 3rd, former chairman and CEO, J.C. Penney
Total 2011 Pay: $34,561,322
7. Michael Kramer, chief operating officer, J.C. Penney
Total 2011 Pay: $33,370,607
8. Reed Krakoff, president and executive creative director, Coach
Total 2011 Pay: $21,188,980
9. Daniel Walker, chief talent officer, J.C. Penney
Total 2011 Pay: $20,201,219
10. Gregg Steinhafel, chairman, president and CEO, Target
Total 2011 Pay: $19,707,107
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