Kering will have to pay the former Saint Laurent creative director Hedi Slimane €13 million (about $14.4 million). This comes as a result of his legal application to have the non-compete clause in his contract honored.
When Slimane resigned from Saint Laurent, Kering lifted the commonly applied non-compete clause – which prevents an employee from working for competitor brands after leaving – and, consequently, the financial sum that would go with it. Slimane then requested to have this reinstated in his contract so that he would receive the monetary contribution.
“The decision that was just made public is an interim decision,” the company announced in a statement. “Kering intends to appeal the decision. The procedure is still going on.”
From: Harper’s BAZAAR US