Mike Jeffries (businessman): Difference between revisions
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Michael S. Jeffries was born in 1944, and grew up in [[Los Angeles, California]] where his father owned a chain of party supply stores. By the age of 12 his father was allowing him to choose the merchandise for the stores' toy departments. After [[high school]], Jeffries attended [[Claremont McKenna College]] and received an [[MBA]] from [[Columbia Business School]]. In 1968, Jeffries joined the management training program at [[Abraham & Straus]], a now-defunct [[New York]] department store. During this time Jeffries worked along with [[Allen Questrom]] (of [[J.C. Penney]]) and [[Millard S. Drexler]] (the previous [[CEO]] of [[Gap (clothing)|Gap]] Inc., who now works at J. Crew).<ref name="salon">{{cite web|url=http://www.salon.com/mwt/feature/2006/01/24/jeffries/index.html|title=The Man Behind Abercrombie & Fitch|last=Denizet-Lewis|first=Benoit|publisher=Salon.com|accessdate=2007-12-08}}</ref> |
Michael S. Jeffries was born in 1944, and grew up in [[Los Angeles, California]] where his father owned a chain of party supply stores. By the age of 12 his father was allowing him to choose the merchandise for the stores' toy departments. After [[high school]], Jeffries attended [[Claremont McKenna College]] and received an [[MBA]] from [[Columbia Business School]]. In 1968, Jeffries joined the management training program at [[Abraham & Straus]], a now-defunct [[New York]] department store. During this time Jeffries worked along with [[Allen Questrom]] (of [[J.C. Penney]]) and [[Millard S. Drexler]] (the previous [[CEO]] of [[Gap (clothing)|Gap]] Inc., who now works at J. Crew).<ref name="salon">{{cite web|url=http://www.salon.com/mwt/feature/2006/01/24/jeffries/index.html|title=The Man Behind Abercrombie & Fitch|last=Denizet-Lewis|first=Benoit|publisher=Salon.com|accessdate=2007-12-08}}</ref> |
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In 1980, Mike Jeffries founded [[Alcott & Andrews]], a brand targeted at career women. The brand was initially successful, although in 1983 it fell into bankruptcy due to over-expansion, and closed. Afterward, Jeffries took a high position at Paul Harris, a Midwest |
In 1980, Mike Jeffries founded [[Alcott & Andrews]], a brand targeted at career women. The brand was initially successful, although in 1983 it fell into bankruptcy due to over-expansion, and closed. Afterward, Jeffries took a high position at Paul Harris, a Midwest clothing chain. |
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==Abercrombie & Fitch Co.== |
==Abercrombie & Fitch Co.== |
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Revision as of 03:27, 16 November 2010
Michael S. Jeffries | |
|---|---|
| Born | July 15, 1944 |
| Occupation(s) | Chairman and Chief Executive Officer of Abercrombie & Fitch |
| Years active | 1992 to present |
| Known for | Creator of the images and aspects of all brands. |
Michael S. Jeffries (born July 15, 1944), is the Chairman and Chief Executive Officer of the lifestyle brand and company, Abercrombie & Fitch Co.
Early life
Michael S. Jeffries was born in 1944, and grew up in Los Angeles, California where his father owned a chain of party supply stores. By the age of 12 his father was allowing him to choose the merchandise for the stores' toy departments. After high school, Jeffries attended Claremont McKenna College and received an MBA from Columbia Business School. In 1968, Jeffries joined the management training program at Abraham & Straus, a now-defunct New York department store. During this time Jeffries worked along with Allen Questrom (of J.C. Penney) and Millard S. Drexler (the previous CEO of Gap Inc., who now works at J. Crew).[1]
In 1980, Mike Jeffries founded Alcott & Andrews, a brand targeted at career women. The brand was initially successful, although in 1983 it fell into bankruptcy due to over-expansion, and closed. Afterward, Jeffries took a high position at Paul Harris, a Midwest clothing chain.
Abercrombie & Fitch Co.
Jeffries was hired by Leslie Wexner (CEO of Limited Brands, then named The Limited) to invigorate Abercrombie & Fitch. The company, founded in 1892, had been purchased by Limited Brands in 1988 after suffering from bankruptcy. Jeffries is considered to have been the main creator of the new look for the company, saying that he wanted A&F to "sizzle with sex".[1]
It was carefully rebuilt as an upscale apparel retailer for the collegiate,[1] and by the mid-1990s the success of the chain store concept had enabled Abercrombie & Fitch to open dozens of new stores. By 1996, Limited Brands was no longer heavily involved with the company, and eventually left it under the management of Jeffries. Since then, Jeffries has retained complete control over every aspect of the company, from clothing designs to the positioning of in-store fixtures.[citation needed]
During this time, A&F has offended groups as diverse as the feminist movement and the American Decency Association, and has attracted a fair number of other controversies and lawsuits.[1] An outspoken leader, Jeffries has been quoted making statements in the press that are considered controversial[2]
Jeffries is Chairman and CEO of a multi-billion dollar company. In 2004 he made approximately $25 million USD with a "stay bonus" of $6 million USD, which dropped from $12 million after a controversy involving his "excessive compensation".[1]After surveying 2,000 U.S. corporations, The Corporate Library named Jeffries as the "Highest Paid Worst Performer" of 2008, after he received a compensation package valued at $71.8 million.[3]Jeffries refused to lower prices or offer discounts at Abercrombie & Fitch stores during the retail recession until September, 2009, after the company posted same store sales losses for 17 consecutive months[4]
Jeffries employment agreement was set to expire December 31, 2008.[5] On December 22, 2008, A&F corporate announced that it had renewed its employment agreement with the Chairman and CEO.[5] It is set to expire on February 22, 2014.[5]
Personal life
Jeffries is separated from his wife, and has a son, Andrew Jeffries, who is currently working in hotel development. Jeffries lives in Bexley, Ohio.
References
- ^ a b c d e Denizet-Lewis, Benoit. "The Man Behind Abercrombie & Fitch". Salon.com. Retrieved 2007-12-08.
- ^ "Mike Jeffries quotations".
- ^ Rooney, Ben (September 28, 2009). "Corporate Library "Highest Paid Worst Performers" 2009". CNN. Retrieved May 12, 2010.
- ^ "Mike Jeffries Loses His Cool". retailindustry.about.com. Retrieved October 13, 2009.
{{cite web}}: Unknown parameter|releasedate=ignored (help) - ^ a b c "Abercrombie & Fitch Enters Into New Employment Agreement with Michael S. Jeffries, Chairman and CEO" (Press release). Abercrombie & Fitch Co. Retrieved January 6, 2008.
{{cite press release}}: Unknown parameter|releasedate=ignored (help)
External links
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 Photo used in Salon.com interview |
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