From CNBC: 2024-10-23 14:58:54

Abercrombie & Fitch terminated former CEO Mike Jeffries after he was arrested on sex trafficking charges. Jeffries, along with his partner, are accused of coercing aspiring models into sex acts during his tenure at the company. Abercrombie expressed zero tolerance for abuse and discrimination, with shares down 5% following the news.

Under Jeffries’ leadership, Abercrombie promoted sexually charged marketing and exclusive appeal. The abuse allegations came to light after a BBC investigation last year. Jeffries and Abercrombie faced a lawsuit from a victim, leading to federal prosecution nearly a year later. The company has since undertaken an inclusive rebranding under new CEO Fran Horowitz, distancing from Jeffries’ controversial image.

Abercrombie supports the victims who have come forward and promises to cooperate with law enforcement during the legal process. Jeffries’ attorney plans to respond to the allegations in court rather than through media statements. The company is focused on addressing the allegations and continuing its transformation into an inclusive and values-driven organization, under new leadership.



Read more at CNBC: Abercrombie responds to CEO Mike Jeffries sex trafficking arrest