Former M&S 'Knicker Queen' Janie Schaffer seeks more than £1m compensation

Schaffer, former creative director of Victoria’s Secret and co-founder of Knickerbox, joined M&S in January as director of lingerie and beauty but resigned in April, as revealed by Retail-week.com.

She is seeking a figure “well in excess” of £1m from M&S, according to the FT.

Schaffer signed up to a two-year package at M&S compensating her for about 70% of the shares and share options she had built up at US giant Victoria’s Secret over the five years she worked there.

The bulk of the payout would compensate her for the share options that would have vested in January 2013 and would be worth more than £1m.

Schaffer is claiming that M&S wanted her to start in her new role as early as possible so she left Victoria’s Secret in October, rather than wait until after the options had vested.

It is understood that the claim arises from a dispute over her job description. Schaffer believed she would have full control over the lingerie business, including its marketing, packaging and store design and would also be expanding it through standalone stores.

M&S told the newspaper: “This matter is in the hands of our lawyers and we have absolutely no further comment to make.”

M&S is holding its annual general meeting tomorrow, when it also updates on its first-quarter trading.