Guess? co-founder leaves company
The second largest shareholder of Guess? Inc. has stepped down from the company.
The apparel and accessories retailer said that Maurice Marciano, who helped oversee Guess’ evolution from a small family business and denim pioneer into a global lifestyle brand, is retiring from the company’s board, effective immediately.
Marciano has been with Guess since he co-founded the company in 1981. He served as CEO from 1993 to 2007, and as board chairman or co-chairman for 18 years, retiring from the role in 2012. That same year, he joined the company's board.
Marciano’s retirement came on the heels of an agreement by the Guess board to a settlement worth as much as $30 million to resolve claims they turned a blind eye to co-founder Paul Marciano’s harassment of the company’s models , reported Bloomberg. Last year, the company agreed to pay $1 million to resolve lawsuits filed by two models that Marciano (Paul) abused them. (Marciano strongly denied the sexual misconduct reports and did not concede to any wrongdoing in the settlements.)
“My brothers and I founded Guess based on a vision to create an iconic lifestyle brand that consumers around the globe would love,” said Marciano. “Today, I’m proud to say that we have turned that vision into a reality, in what has been an incredibly fulfilling journey for me personally. I’m confident that the company is well positioned to continue its success long into the future.”
Alex Yemenidjian, chairman of the board, commented, “Maurice is a true visionary of Guess and an industry giant. His early idea to manufacture designer jeans helped revolutionize the way customers connect with denim, and transformed Guess into a global company that now does business in over 100 countries.”
Guess designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, denim, handbags, watches, eyewear, footwear and other related consumer products. As of July 29, 2023, the company directly operated 1,023 retail stores in the Americas, Europe and Asia. Its partners and distributors operated 546 additional retail stores worldwide.