Abercrombie responds to CEO Mike Jeffries sex trafficking arrest
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Abercrombie & Fitch chairman and CEO Mike Jeffries addresses stockholders during the company’s annual meeting at the company’s headquarters in New Albany, Ohio, U.S. May 22, 2003. Will Shilling | Via Reuters Abercrombie & Fitch washed its hands of its former CEO Mike Jeffries after he was arrested on federal sex trafficking charges, saying in a Wednesday statement the company is “committed to fully cooperating with law enforcement as the legal process continues.” “As we shared when the accusations were first made public in October 2023, we are appalled and disgusted by the alleged behavior of Mr. Jeffries, whose employment with Abercrombie & Fitch Co. ended nearly ten years ago,” a company spokesperson said in a statement to CNBC. “For close to a decade, we have successfully transformed our brands and culture into the values-driven organization we are today,” the spokesperson added. “We have zero tolerance for abuse, harassment or discrimination of any kind.” Shares of Abercrombie were down about 5% on Wednesday. On Tuesday, Jeffries — who helmed the legacy apparel brand from 1992 to 2014 — along with his partner Matthew Smith and another associate, were arrested on charges of sex trafficking and interstate prostitution that prosecutors allege happened during his tenure at Abercrombie. Jeffries and Smith are accused of coercing aspiring Abercrombie models into sex acts in exchange for modeling gigs, among other acts. “Many of the victims, at least one of whom was as young as 19 years old, were financially vulnerable and aspired to become models in the fashion industry, a notoriously cut-throat world,” prosecutors wrote in a court filing. “Indeed, some of the men they recruited had previously worked at Abercrombie stores or modeled for Abercrombie.” Under Jeffries’ tenure, Abercrombie became known for its sexually charged marketing and its efforts to market exclusively to…
Filed under: News - @ October 23, 2024 7:22 pm