LONDON — Departing Burberry creative director Christopher Bailey is set to receive roughly 13 million pounds ($17.5 million) as he leaves the upscale British fashion brand.
The retailer's annual report indicates that Bailey's compensation will include 400,000 shares of company stock that will vest in July and are estimated to be worth more than 8.5 million pounds.
Bailey served as Burberry's chief executive from 2014 until last year when he was replaced in that post and concentrated on creative efforts.
His final London Fashion Week show received tumultuous applause in February.
Former Givenchy designer Riccardo Tisci became the company's creative director in March.
Burberry investors had balked several years ago at Bailey's lucrative payment arrangements.