NEW YORK (BLOOMBERG) – Guess shares plummeted after Kate Upton accused co-founder Paul Marciano of sexual harassment, embroiling the style model within the #MeToo motion.
Upton, a supermodel and actress, mentioned on social media on Wednesday that Marciano “shouldn’t be allowed to use his power in the industry to sexually and emotionally harass women.”
She added the #MeToo hashtag, which has develop into a rallying cry for the motion towards sexual assault and office misconduct.
Marciano stepped down as chief govt officer of Guess in 2015 however nonetheless has main affect within the company in his roles as chairman at chief artistic officer.
He art-directed the most recent promoting marketing campaign for Guess, that includes Jennifer Lopez, and appeared at a celebration celebrating its launch on Wednesday evening.
“I’m disappointed that such an iconic women’s brand @Guess is still empowering Paul Marciano as their creative director,” Upton mentioned in a tweet.
Guess suffered its worst stock decline in additional than two months within the wake of the accusation, sending its shares down as a lot as 12 per cent to US$16.16. They had gained practically 40 per cent final yr.
Marciano held greater than 14 per cent of Guess shares as of March 2017, in keeping with information compiled by Bloomberg. That stake can be value roughly US$25 million much less after Thursday’s decline.
The Los Angeles-based company did not instantly reply to a request for remark.
Upton additionally spoke briefly with TMZ as she walked by means of Los Angeles International Airport on Wednesday evening.
“I’m excited to tell my whole story,” she mentioned.