Compensation packages of luxury industry executives drop by 20% (Central and Eastern Europe)
A recent survey conducted by CPP in four Central and Eastern European markets shows compensation packages for middle and top level management across various luxury industry sectors have dropped by up to 20% in the first five months of 2010. The countries surveyed included Ukraine, Bulgaria, Romania and Hungary. The most affected are executives in retail (fashion, accessories, jewellery and watches), fine wines & spirits and auto.
Compensation packages for sales staff have remained stable, however, the number of positions has been reduced by at least 30%. Sales of luxury goods and services remain negative and a recovery is not expected before the Christmas season ’10.