American entrepreneur Michael Stanton Jeffries led the clothing firm, Abercrombie & Fitch, from 1992 to 2014. Despite his success, Jeffries faced harsh criticism for his use of semi-naked models in his company’s advertisements, for selling clothing with offensive racial and sexual phrases, and for being open about the fact that Abercrombie & Fitch only appeals to the “cool kids.”
Mike Jeffries Biography And Net Worth
|Net Worth $300 million|
|Full Name Michael Stanton Jeffries|
|Birth Date Jul 15, 1944|
|Age 78 Years|
|Wife Susan Hansen|
Mike Jeffries Early Life
On July 15, 1944, He was born in Oklahoma and was reared in Los Angeles, where his father was the owner of the Party Time network of stores. After receiving an Economics degree from Claremont McKenna College in 1966, he continued his education at Columbia Business School, where he received an MBA in 1968. Mike also attended the London School of Economics for a while and he worked for numerous retailers after earning his degrees. He participated in the Abraham & Strauss department store’s management training course for a while. Mike established his own business, Alcott & Andrews, in 1984. Five years later, the business filed for bankruptcy. Mike then started working for Paul Harris, a clothing company situated in the Midwest.
Les Wexner hired Jeffries in 1992 to revitalize Abercrombie & Fitch and Limited Brands acquired the 1892–founded business in 1988 following its bankruptcy. Jeffries is credited with being the primary designer of the company’s new image. By the middle of the 1990s, Abercrombie & Fitch had established hundreds of brand-new shops after it had been completely rebuilt as an upscale collegiate apparel company. By 1996, LBrands was no longer actively involved in the business, and he eventually left it in Jeffries’ hands. He earned almost USD 25 million in 2004 and received a “stay bonus” of USD 6 million, down from USD 12 million due to an uproar over his “excessive remuneration”.
After Abercrombie’s stock dropped 40% in the previous year, analyst Herb Greenberg dubbed Mike the “worst CEO of 2013” in December. Jeffries was also listed on Jim Cramer’s “Wall of Shame” on CNBC. On December 9, 2014, He resigned as CEO following 11 consecutive quarters of terrible performance.
Mike Jeffries Wife
Mike wed Susan Marie Isabel Hansen in 1971, and together, they had one kid but they later got separated. He is reported to be a Gay Man by some sources as Mike is cohabitating with Matthew Smith, a male companion. Today, Mike and Matthew work together to oversee the Jeffries Family Office.
Mike Jeffries Net Worth
He has an estimated net worth of 300 million dollars as of 2022 from his 22-year-long career at A&F. At his peak, Mike held 3% of Abercrombie’s stock, at the company’s current $2 billion market valuation, his shares would be worth almost $60 million if he still owned that 3% holding. Mike received hundreds of millions of dollars in salary and bonuses in addition to equity. When you add it all together, Mike’s salary and bonus earnings from 2004 to 2014 came to over $400 million.
Mike Jeffries Height and Weight
|Eye Color Grey|
|Hair Color Blonde|