What is Mike Jeffries' net worth? Former Abercrombie & Fitch CEO accused of exploiting young men
NEW ALBANY, OHIO: Former Abercrombie & Fitch CEO Mike Jeffries, who has a net worth of $300 million, per Celebrity Net Worth, was recently accused of exploiting young men for sex at different events he and his partner Matthew Smith hosted in the US and across the globe.
The allegations came to light as part of a two-year investigation for BBC's 'Panorama'. Journalist Rianna Croxford spoke to eight men who opened up about attending the controversial events between 2009 and 2015.
According to The Guardian, most of the men alleged that a middleman, hired by Jeffries, "auditioned" them by requesting or offering to perform oral sex on them before introducing them to Jeffries and Smith.
Exploring Mike Jeffries' enormous fortune
Jeffries was once known as one of America’s highest-paid CEOs before he stepped down from Abercrombie & Fitch in 2014.
According to Celebrity Net Worth, Jeffries has an approximate net worth of $300 million, the majority of which he earned during his tenure at the popular retail brand.
As per the publication, the former CEO owned 3% of Abercrombie's shares during the peak of his career. His 3% stake was reportedly worth around $100 million during the height of the company's stock price in late 2007.
The outlet suggested that Jeffries' share would be worth around $60 million if he still owns the 3% stake today, going by the company's current $2 billion market cap.
Celebrity Net Worth further mentioned that Jeffries allegedly earned $30 million per year or more between 2004 and 2007.
He was paid $72 million in 2008, $36.3 million in 2009, $48.1 million in 2011 and $8.16 million in 2012.
He earned $2.24 million in 2013, the year before he stepped down as the CEO of the brand.
According to the outlet, Jeffries received around $400 million in salary and bonus compensation between 2004 and 2014.
Allegations against Mike Jeffries
A two-year BBC investigation for 'Panorama' special episode 'The Abercrombie Guys: The Dark Side of Cool' saw several men accusing Jeffries of exploitation.
Several of the men recruited for the former CEO alleged that they were initially misled about the events or were not told that sex was expected as part of their role.
Some said that they understood the events would involve sex but did not realize what exactly was expected of them.
Some of the men alleged Jeffries and Smith would engage in sexual activity with around four men at the events or "direct" them to have sex with each other.
They said that the event staff would later give them envelopes filled with thousands of dollars in cash.
Except for one man, everyone reportedly told the BBC that they felt harmed by the experience.
Former model Barrett Pall told BBC, "My feeling of being in that room was: an animal. I was not a human to any of these people."
"I was a body. I was being presented to someone, to do what they wanted with," he alleged.
"What happened to me changed my life – and not for the better," Pall added before breaking down in front of the camera.
The men who became alleged victims of the events said that the middleman who hired them missed part of his nose and covered it with a snakeskin patch.
The BBC later identified him as James Jacobson. The 23-year-old David Bradberry said an agent introduced him to Jacobson in 2010 and described him as the gatekeeper to "the owners" of A&F.
Bradberry clarified there was no mention of sex initially. He recalled that after meeting Jacobson, the latter suggested A&F’s official photographer to take his picture.
Bradberry then revealed, "Jim made it clear to me that unless I let him perform oral sex on me, that I would not be meeting with Abercrombie & Fitch or Mike Jeffries."
"I was paralyzed. It was like he was selling fame. And the price was compliance," he shared.
Did Mike Jeffries respond to the allegations?
Jeffries and Smith are yet to respond to the allegations, at the time of writing. However, Jacobson addressed the claims and provided a statement through his lawyer.
He said he was offended by suggestions of "any coercive, deceptive or forceful behavior on my part" and said he had "no knowledge of any such conduct by others."
He further clarified, "Any encounter I had was fully consensual. Everyone I came into contact with who attended these events went in with their eyes wide open."
Abercrombie & Fitch told the BBC it was "appalled and disgusted" by Jeffries' alleged behavior. It said the new leadership has transformed the company into "the values-driven organization we are today" and that it has "zero tolerance for abuse, harassment or discrimination of any kind."
'The Abercrombie Guys: The Dark Side of Cool' aired on BBC One at 9 PM on Monday, October 2 and is currently available on BBC iPlayer.