CEOs Gone Wild

Abercrombie & Fitch had to know its CEO was a freak

“Please give me fifty more years of work and fun, then an instant death when I'm sleeping.” – John Grisham, “The Rainmaker”

---

Les Wexner can sure pick ‘em.

The billionaire retailing magnate hired Jefferey Epstein as an advisor to Victoria’s Secret and he hired Michael Jeffries to run Abercrombie & Fitch. Both stand accused of using their positions to sexually abuse fashion models.

Jeffries, an 80-year-old creep who ran Abercrombie & Fitch from 1992 to 2014, was charged with sex trafficking and international prostitution earlier this week for crimes that occurred more than a decade ago. Jeffries pleaded not guilty today and remains free on a $10 million bond.

And Epstein? Well, he’s moved on to his own private massage table in the dirt.

Abercrombie & Fitch models flash their abs outside a store in 2012. (Photo Credit: Wikimedia Commons.)

Let’s just move on

The iconic clothing retailer is staying as tight-lipped as possible about the long-running scandal. It’s mainly emphasizing that it got rid of Jeffries nearly a decade ago. It has recently issued this statement to media outlets:

"We are appalled and disgusted by the alleged behavior of Mr. Jeffries, whose employment with Abercrombie & Fitch Co. ended nearly ten years ago.

"For close to a decade, we have successfully transformed our brands and culture into the values-driven organization we are today. We have zero tolerance for abuse, harassment or discrimination of any kind, and are committed to fully cooperating with law enforcement as the legal process continues."

A CEO on a winning streak can get away with almost anything, and Jeffries serves as a case in point.

He transformed a nearly dead clothing chain that was founded in 1892 into one of the most successful brands of the 1990s and 2000s.

Abercrombie didn’t ditch Jeffries until long after its fortunes sagged following the 2008 financial crisis. And it gave him a $25 million exit package.

---

There’s more to the story, but the rest is for paid subscribers.Please help make the business world a more honest, less reckless, less authoritarian place by:

• Liking and commenting on posts, which boosts the Substack algorithm.

• Sharing this newsletter with friends and associates.

• Subscribing. Free or paid, I’m so glad you’re here.

• And don’t miss these blunders.

  ---