Sep 23, 2022
The age of the retail kingpin is not over
The terms are these: Cowgill gets a year's salary for his notice period, £2mn for a three-year consultancy deal, and £3.5mn for agreeing to a set of restrictive covenants that stop him advising or working for any of JD's competitors for two years. Altogether JD is paying Cowgill an amount roughly equal to twice his average annual package over the past decade. It's only acceptable because individual retail tycoons remain relevant. Shares in Asos, which acquired Arcadia's Topshop and Miss Selfridge brands out of administration last year, have fallen more than 80 per cent since that deal was announced. Sport the right look and individual retail kingpins' influence endures.
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