Now here’s something you don’t see very often. In a surprising turn of events, British luxury label Burberry has slashed CEO Christopher Bailey’s salary by a whopping 75 percent.

The largest luxury goods manufacturer in the UK, Burberry failed to witness any real growth, and as a result Bailey’s salary was reduced from $10.9 million per annum to $2.74 million. According to the latest reports, he also did not receive any bonuses or incentives as the company missed its target earnings.

A slowdown in Chinese consumer spending and a sluggish eurozone economy, together with geopolitical tensions and volatile financial markets, have hit the luxury sector hard, with growth at between 1 and 2 percent, down from 7 percent just two years ago.

Burberry’s weak performance has led to speculation about whether Bailey is experienced enough to hold the jobs of both Chief Executive and Chief Creative Officer of the British fashion house.