Mike Jeffrie’s Net Worth: Is He The Richest Person In Town? Mike Jeffries is a wealthy American businessman who is worth $300 million. Mike is best known for leading Abercrombie & Fitch from 1992 to 2014, a period that saw the brand emerge from bankruptcy to become one of the world’s most valuable stores, only to fall again.
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Mike Jeffries’s Childhood and Education
Mike Jeffries was born on July 15, 1944, in Oklahoma. He was reared in Los Angeles, where his father ran the Party Time retail company. After getting a bachelor’s degree in economics from Claremont McKenna College in 1966, he attended Columbia Business School and earned an MBA in 1968. Mike also studied at the London School of Economics for a period.
Following the completion of his degrees, he worked for a variety of retailers. He completed a managerial training program at Abraham & Strauss, a department store in New York City. Mike founded Alcott & Andrews in 1984. Five years later, the company declared bankruptcy. Mike then began working for Paul Harris, a clothing manufacturer based in the Midwest.
Mike Jeffries’s Net Worth
Mike Jeffries’s Abercrombie & Fitch
In 1988, Leslie Wexner’s Limited Brands purchased the century-old Abercrombie & Fitch out of bankruptcy. Wexner hired Jeffries shortly after the takeover. In 1992, he was appointed CEO.
Due to the brand’s dismal prospects and previous bankruptcy, management was uninterested in running the business themselves and delegated practically complete responsibility to Mike Jeffries.
Mike redesigned the brand extensively over the next decade. Abercrombie grew enormously famous among teenagers worldwide as a result of its revamped and sexier brand image. Abercrombie’s principal strategy was to hire only attractive individuals.
At the time, Jeffries stated:
“We recruit attractive individuals in our stores because attractive individuals attract other attractive individuals, and we want to market to cool, attractive individuals. We do not market to anyone else.” —Mike Jeffries
Mike Jeffrie’s Net Worth: Abercrombie was famous for hiring shirtless men and barely dressed women as store greeters during the brand’s heyday in the late 1990s/early 2000s. Additionally, its boutiques were noted for their loud music and continuous spritzing of cologne and perfume into the air. Regrettably, Abercrombie lost its composure with time. Following the 2008 financial crisis, sales plummeted to all-time lows.
Mike was voted the “worst CEO of 2013” by analyst Herb Greenberg in December 2013 after Abercrombie’s stock plunged 40% in the preceding 12 months. CNBC’s Jim Cramer also included Jeffries on his “Wall of Shame.”
Mike Jeffries resigned as CEO on December 9, 2014, following 11 consecutive quarters of subpar performance.
Mike Jeffries’s Compensation
Mike once held 3% of Abercrombie’s stock. If he retains that 3% interest today, at the company’s current market capitalization of $2 billion, his shares are worth approximately $60 million. At the company’s peak stock price in late 2007, his 3% ownership was worth approximately $100 million.
Mike received hundreds of millions of dollars in salary and bonus income in addition to equity compensation. Between 2004 and 2007, Mike earned at least $30 million per year. He received $72 million in 2008. $36.3 million in 2009. $38.5 million in 2010. $48.1 million in 2011. He earned $8.16 million in 2012. He earned $2.24 million in 2013.
Add it all up and Mike earned over $400 million in salary and bonus compensation for the decade from 2004 to 2014.
Mike Jeffries’s Private Jets and Other Subjects of Controversy
One of the more infamous and fascinating incidents about Mike Jeffries surfaced in 2012 as a result of a lawsuit filed by a private aircraft pilot. The former pilot alleged in his lawsuit that he was fired due to his age. While this may be contentious in and of itself, some information regarding life aboard the Abercrombie flight would quickly eclipse the entire legal case.
According to the pilot’s pleadings in this lawsuit, the Abercrombie jet operated under a rigorous set of rules, several of which were quite strange. Additionally, the flight attendants were supplied by a male modeling agency. Additionally, the following is a list of some of the Abercrombie jet rules that these male model flight attendants were required to closely adhere to:
- Abercrombie jeans, flip-flops, boxer briefs, and polo shirts were required of flight attendants.
- Flight attendants were required to answer all passenger requests with “No problem,” rather than “Sure” or “Just a minute.”
- Attendants were required to “spritz” themselves and the plane with Abercrombie cologne on a regular basis.
- Coats were permitted onboard only if the temperature was 50 degrees or lower, and all polo shirt collars had to be flipped.
- Attendants were required to wear black gloves for cutlery and white gloves for food plates when serving meals.
- When the plane took off for return journeys, the Phil Collins song “Take Me Home” had to be played on the airline’s sound system.
- Attendants were required to regularly check for fingerprints.
- All coats must be zipped all the way down to the fourth button from the bottom. The bottom button needed to be left unpressed.
- All hats were required to have a two-inch-thick brim that rested at the center of the forehead.
According to reports, “houseboys” and flight attendants who violated the rules were punished with shirtless push-ups. - Additionally, it was said that Mike’s house crew was hired from the same male modeling agency and was required to adhere to a similar set of standards.
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