Lots of people will go to great lengths to get a deal at Barneys, the upscale clothing store that the late playright Wendy Wasserstein noted in this New York magazine piece made spending $4,000 on a raincoat worthwhile.
But directors and top executives of Jones New York (JNY), which acquired Barneys in 2004, don’t have to wait on long lines in order to get a discount: it’s one of the perks that comes with the job. Yet, a quick skim of the proxy that Jones New York filed yesterday shows that only some of the execs and directors are taking full advantage. At the top of the best-dressed list is former JC Penney’s (JCP) executive Allen Questrom, whose discount was just over $35,000 last year. That’s not only a significant increase from the $5,000 discount he received in 2005 (though in fairness, he only joined the board in December 2005), but about $10,000 more than the discount that Chairman Sidney Kimmel received.
At the bottom of the list was Lynne Cote’, CEO of the company’s wholesale sportswear, suits and dresses division. Last year, Ms. Cote’s Barney’s discount only amounted to a measly $350.