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Interparfums FY 2022: record earnings as operating profit soars 33 percent

THE WHAT? Interparfums has reported its results for the 2022 fiscal year. The fragrance giant recorded record earnings for the full year with net income up 40 percent on 2021’s figures and sales rising 26 percent to €706.6 million. THE DETAILS The company noted that it had extended its partnership with Montblanc until December 31, 2030 and, subject to the General Meeting’s ratification, hit its goal of achieving gender parity on its board. THE WHY? Philippe Benacin, Chairman and CEO, commented, “Against the backdrop of a turbulent economic and geopolitical environment, our sales and earnings continued to grow in 2022. In 2023, although many uncertainties still exist, this positive momentum should continue with sales expected to reach €750 million, driven by the continuing appeal of our brands for consumers in a global perfume market that remains buoyant.” The post Interparfums FY 2022: record earnings as operating profit soars 33 percent appeared first on Global Cosme
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CEO pay on the rise and pay gap widens despite cost-of living crisis

CEO pay on the rise and pay gap widens despite cost-of living crisis

THE WHAT? Total pay for S&P Chief Executives continues to rise, according to a report titled 100 Most Overpaid CEOs published by As You Sow. The median pay was US$23,455,188 – up 8 percent year-on-year.

THE DETAILS CEO pay is not only on the rise but also increasing faster than employee pay with those at the top receiving 324 times that of their median paid workers on average, up from 299 times in 2020, the study reveals. At Amazon, the CEO to worker pay ratio hit 6,474 to 1.

The Estee Lauder Companies’ Fabrizio Freda was named as the second most overpaid CEO in the ranking. The US prestige beauty giant has the dubious accolade of being the only cosmetics firm listed in the Most Overpaid CEOs top 10.

THE WHY? Robert Reich, Co-founder of Inequality Media, commented, “A company’s executive compensation directly reflects its directors’ priorities and outlook: You can tell if a company is committed to building a sustainable future by how it pays its CEO. The continuous, exorbitant increases in executive compensation over the past four decades typify a rigged system that benefits the wealthy at the expense of workers, and the rest of us. Shareholders must supervise boards more effectively than directors have been supervising CEOs. The solution is voting on proxy statements and taking each vote seriously.”

The post CEO pay on the rise and pay gap widens despite cost-of living crisis appeared first on Global Cosmetics News.



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