So many people who love fashion want to be designers, stylists or editors.
Sure, those jobs are all glamorous. (Sometimes.) But they’re rarely lucrative, at least not compared to careers on the business side of the industry.
Take Urban Outfitters CEO Glen Senk. On Friday it was announced that, while his 2009 base salary was $1 million, Senk also received a $2 million bonus and $26.9 million in company stock. The exec was rewarded because of the company’s 6% increase in sales from 2008 to 2009, as well as its 10% increase in profits. Other well paid CEOs include J.Crew’s Mickey Drexler–who received a $2 million bonus for 2009 on top of a $200,000 salary and $975,000 in stock–and Coach CEO Lew Frankfort, who brought in a $1.2 million salary and $796,000 in stock awards.
And remember, these kinds of salaries aren’t limited to mass retailers. LVMH chief Bernard Arnault is the seventh richest man in the world, after all.
Indeed, maybe an MBA isn’t such a bad idea! Especially when one can apply its teachings to the thing she loves most.