Canada Goose to produce PPE, Coty and Condé Nast to cut pay
As the fashion and beauty industries suffer from the economic effects of the ongoing Covid-19 pandemic, different industry players in North America continue to take actions to fight the spread of the virus or preserve their own liquidity. This week kicked off with announcements from Canada Goose, Condé Nast and Coty.
The famed Canadian outerwear brand is reopening all eight of its domestic manufacturing facilities over the next two weeks, bringing in up to 900 employees to work on the production of personal protective equipment (PPE) for frontline healthcare workers across the country.
Some 150 employees are already producing surgical gowns at Canada Goose manufacturing sites in Toronto and Winnipeg, but by ramping up its production of the equipment, the company hopes to make at least 60,000 gowns per week, ultimately producing up to 1.5 million, at cost.
All of the facilities involved, which include three sites in Winnipeg, three in the Greater Toronto Area and one each in Montreal and Boisbriand, Quebec, will conduct their operations in compliance with recommended social distancing protocols.
As was widely reported on Tuesday, Condé Nast, the publisher of Vogue, Vanity Fair and GQ, among others, is looking to offset lost advertising revenues by implementing salary cuts of between 10% and 20% for staffers making more than $100,000.
According to a staff memo sent out by the publisher on Monday, CEO Roger Lynch has accepted a 50% reduction in his base salary, along with the board’s external members. As for Anna Wintour, the iconic editor-in-chief of Vogue and Condé Nast artistic director will see her salary cut by 20%, as will the remaining members of the company’s leadership team.
The publisher also stated that it is furloughing some of its staff and admitted that it expects there to be some job losses but did not provide further details on the matter.
In addition, the company has temporarily suspended a number of its projects, such as the reformation of event spaces and the creation of a global intranet for employees.
The New York-based cosmetics conglomerate made a SEC filing on Tuesday, announcing that its remuneration and compensation committee and its board of directors had approved a temporary reduction of 25% in the base salary of CEO Pierre Laubies, as well as in that of CFO and COO Pierre-Andre Terisse. These reductions will continue through the end of fiscal 2020.
The company’s board has also agreed to a temporary 25% cut to the annual cash remuneration of non-employee directors for fiscal 2021.
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