The annual report published on Tuesday shows that Bailey was paid £3.5 million last year – up from the £1.9 million the previous year . While he waived his entitlement to any annual bonus for the year, his total was boosted by a £1.4 million payout from a further award of shares in 2014. Bailey could have received a maximum of 125,000 shares from that particular award, but is instead receiving 77,000 after the performance of the company was taken into account.

In 2014 the company had endured a bruising annual meeting with its shareholders, who voted against its remuneration report to protest about Bailey’s pay. His pay deals also include a £440,000 allowance to cover clothes and other items.

Bailey’s salary will remain at £1.1 million when he becomes president next month, following a year in which underlying profits fell by 21 per cent.

The chairman, Sir John Peace, said in his introduction to the annual report: “Since taking on the combined role of chief creative and chief executive officer, Christopher has made significant progress against a backdrop of challenging market conditions.”

The report spells out changes to pay deals at Burberry for the future to reduce “the overall maximum potential quantum”: maximum bonuses will be 200 per cent of salary for executives rather than 225 per cent and maximum relocation bonuses cut to £200,000 from £250,000.

Gobbetti, who takes over as chief executive on July 5, 2017, has a £1.1m salary and a £80,000 allowance for clothing, a car and travel. He is also receiving a share deal of €5m (£4.4 million) to buy him out of his pay deal with his previous employer. His appointment is part of a series of management changes at Burberry, which has also hired Julie Brown from medical supplies group Smith & Nephew as chief operating officer and chief financial officer. Between January and March 2017 she received £4.7 million, including a £4.5 million buyout consisting of £4m in shares and £550,000 in cash.