Mike Jeffries, a.k.a. Michael Stanton Jeffries, is a well-known American businessman. Mike Jeffries is most known to the general public as the former CEO of “Abercrombie & Fitch.” Jeffries has made a huge contribution to the company’s style and recognition over the years.
Clothing for young people is the primary focus of “Abercrombie & Fitch,” while fragrances for men and women are also available. It also owns Gilly Hicks lingerie, the “Hollister Co.” teen clothing store, and a number of other smaller businesses.
The Beginnings of Mike Jeffries Life
Jeffries, Mike was born on the 15th of July, 1944, in Tulsa, Oklahoma. The chain of retail outlets founded by his father, Party Time, was a big part of his upbringing in Los Angeles. To acquire an MBA, he went to Columbia Business School after graduating from Claremont McKenna College with a degree in Economics in 1966. Mike also attended the London School of Economics for a while.
After graduating, he worked for a number of different retail establishments. Abraham & Strauss, a department store in New York City, offered him a management training program. Alcott & Andrews was established in 1984 by Mike Alcott. Five years later, the company went out of business. Mike then moved to work for Paul Harris, a garment company situated in the Midwest.
At the height of his ownership, Mike held a 3% share in Abercrombie & Fitch. Based on the company’s current market valuation of $2 billion, his shares are now worth about $60 million if he still has that 3% stake. As of late 2007, Forbes estimated that his 3 percent stake in the company was worth around $100 million. ”
In addition to his equity compensation, Mike was paid hundreds of millions of dollars in salary and bonuses. Mike made an average of $30 million per year between 2004 and 2007. In 2008, he was paid $72 million in compensation. In 2009, the total was $36.3 million dollars. Amount: $38.5 million in 2010. In 2011, $48.1 million was the total. He earned $8.16 million dollars in 2012, according to his earnings statement. In 2013, he earned $2.24 million.
Since 2004, Mike’s salary and bonus compensation totaled roughly $400 million over the course of 10 years.
Mike Jeffries Net Worth
American businessman Mike Jeffries has a fortune of $300 million. From 1992 until 2014, Mike was CEO of Abercrombie & Fitch, where he oversaw the company’s rise from bankruptcy to one of the world’s most valuable stores, only to see it plummet again.
Relationships of a personal kind
Mike and Susan Marie Isabel Hansen tied the knot in 1971. They were blessed with a child together, who is now an adult. According to rumors, he married Annabel Vartanian in September 2013; however, this has not been confirmed. Matthew Smith, a male companion of Mike’s, was supposedly living with him at the time of this alleged marriage. The Jeffries Family Office is now handled by Mike and Matthew.
Controversies with the use of a private jet
In 2012, a lawsuit filed by a private jet pilot against the former NFL great brought to light one of Mike Jeffries’ most infamous and fascinating incidents. As alleged in his case, the former pilot’s dismissal was due to his age. This would soon be overshadowed by certain discoveries about life aboard the Abercrombie jet that had been made during the trial.
An Abercrombie jet was subjected to a strict set of rules, according to the pilot’s claims in this case; some were a little weird, to begin with. A male modeling agency actually furnished the flight attendants, which is worth mentioning. Here are a few instances of Abercrombie Jet policies that these male model flight attendants have to strictly adhere to:
Abercrombie & Fitch pants, flip-flops, boxer shorts, and Polo shirts were required attire for flight attendants. Instead of the more frequent “Sure” or “Just a moment,” flight attendants were instructed to respond to all passenger requests with “No problem.” Abercrombie cologne was supposed to be sprayed liberally by flight attendants and the plane itself on a regular basis.
All polo shirt collars had to be flipped backward, and coats were only allowed on the plane if the temperature was 50 degrees or lower. In order to prevent cross-contamination, the preparation and serving of food were done with white plates and black flatware. Every time the plane took off on a return trip, the soundtrack had to include the Phil Collins song “Take Me Home.”
Those in charge of the facility had to do constant checks to ensure that no one had left their prints behind. It was required that all coats be zipped all the way up to the fourth button from the bottom. The bottom button had to be left undone. The brim of every hat had to be at least two inches thick and sit directly on the middle of the wearer’s forehead. People who broke rules, including “houseboys” and airline employees, were reportedly punished with shirtless push-ups, reports the New York Daily News