Bailey has offloaded 68,667 shares and nearly three quarters of two sets of performance related shares granted in 2011 and 2009 when he was the company's chief creative officer and which recently vested. It is understood that nearly half of the shares granted under the performance related schemes were sold to cover taxes. Of the remainder, half were retained and half were cashed out.
Bailey now owns 303,110 shares in the company worth pounds 4.4m, 13% more than he owned prior to receiving the share awards.
The company said: "
The sale comes at a sensitive time after shareholders last month slapped down the company for handing Bailey share awards worth pounds 20m - which he will begin to receive from next year. At
He is also in line for a potential one-off performance-related award of shares worth pounds 7.6m,as part of his pay deal on promotion in May - in addition to his pounds 1m salary and potential pounds 2m annual bonus.
Asked at the AGM whether he would return some of the shares, Bailey said: "It is not something I made the decision on, it is the remuneration committee and the chairman and the board."
Asked about the step up from chief creative officer to chief executive, he said: "I was never sitting there with a pencil drawing clothes. It's about having a vision and leading the team and ensuring consistency around the globe."
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