Asos boss Ramos Calamonte receives bumper pay rise despite deepening losses

Asos boss José Antonio Ramos Calamonte’s total pay jumped by 43.9% last year despite the fashion giant posting a loss of £379.3m during the period.

In the fashion retailer’s most recent annual report for the year to September 1, 2024, the figures show that Ramos Calamonte received a £1.17m pay package, up from the £814,858 he received in the previous year.

The breakdown saw Ramos Calamonte take home an annual base salary of £716,436 as well as £376,801 in bonus payments and an annual one-off bonus of £361,585.

He also received £15,216 from Asos’ long term incentive plan, which is soon to be replaced by a new executive pay plan that is further aligned with its “ambitious growth plans”.

The bonus comes as Ramos Calamonte leads Asos through a turnaround which hopes to return the business to profitability.

In a recent trading update, Ramos Calamonte said the business has “solid foundations in place” and that he is “energised by the progress made so far”.

A spokesperson for Asos said: “All employee renumeration including bonus is approved by the board and based on industry benchmarks and achieving strategically important objectives.

“Despite challenging market conditions, Asos has made considerable progress to transform the business over the last 12 months.

“The product is in the strongest position it has been in for years, while profitability has been fundamentally improved, leading to the delivery of positive adjusted EBITDA and significantly improved free cash flow.”