Apparently in this heavy recession that prompted Vogue to stage a full on fashion extravaganza (Fashion’s Night Out) to prompt people to start shopping again, someone in retail is still doing well–so well that they dished out a $1 million bonus to their creative director this year. Jenna Lyons, who has been the Creative Director of J.Crew Group Inc. since late 2007, received the huge bonus as the company’s way of making sure she sticks around to continue developing the brand in a profitable direction. Lyons has been with the fashion brand for 19 years, starting in 1990 as an assistant designer. The dues she’s paid to the company are certainly paying off for her now–literally.
By contract, Lyons is required to stay with J.Crew for at least four more years if she wants to pocket the cash, but if she chooses to leave in the next two years, she’ll have to pay the company back in full or pay back half if she leaves within the next four. Seems they’ve got Lyons on lockdown, but if we were wanted for a million, we don’t think we’d mind.
Lyons was also inducted into the CFDA earlier this month, solidifying her power status in the industry. Chances are, J.Crew has nowhere to go from here but up.