Guess shares slump after model Kate Upton tweets about exec

Kate Upton attends Harper's Bazaar's celebration of 'ICONS By Carine Roitfeld' at The Plaza Hotel during New York Fashion Week in Manhattan, New York, U.S.
FILE PHOTO: Kate Upton attends Harper's Bazaar's celebration of 'ICONS By Carine Roitfeld' at The Plaza Hotel during New York Fashion Week in Manhattan, New York, U.S., September 9, 2016. REUTERS/Andrew Kelly

February 2, 2018

(Reuters) – Guess Inc shares fell more than 17 percent on Thursday following a tweet by model and actress Kate Upton accusing the company’s co-founder of using his power to harass women.

“It’s disappointing that such an iconic women’s brand @GUESS is still empowering Paul Marciano as their creative director #metoo”, the model tweeted on Wednesday, using a popular hashtag designed to highlight the wide spread of sexual harassment.

“He shouldn’t be allowed to use his power in the industry to sexually and emotionally harass women #metoo”, Upton tweeted, without elaborating.

A representative for Upton, who modeled for Guess in 2011, did not respond to requests for comment on Thursday.

“Mr. Marciano denies any misconduct toward Ms. Upton,” Guess said in a filing with the U.S. Securities and Exchange Commission on Thursday.

The fashion retailer said it will investigate Upton’s concerns if it determines they have merit, adding that she had not yet made any specific allegations.

Guess also said it had investigated claims that Marciano behaved inappropriately towards two women in November 2017, after an entertainment website contacted them.

It said the investigation, aided by outside counsel, had so far been unable to corroborate the allegations and the company’s board had been unable to determine if they had merit. Marciano has denied the allegations.

Marciano separately responded to Upton’s allegations through celebrity news website TMZ, saying he never touched Upton, and has never been alone with her. He said he would not apologize as he had done nothing wrong, TMZ reported.

“If she has a claim, there’s one place to tell the truth and that’s in court or to the police,” he told TMZ.

Marciano could not be reached by Reuters for comment.

Guess shares ended down 17.7 percent at $15.11 on Thursday, wiping more than $250 million off the company’s market value.

(Reporting by Uday Sampath, Nandita Bose and Bernie Woodall; Editing by Bill Rigby)

25 Comments on "Guess shares slump after model Kate Upton tweets about exec"

  1. True or False? If false a case for slander is in order

  2. This Bull Rocks | February 3, 2018 at 9:22 am |

    I totally agree – BTW I am a woman – and all these women put themselves into situations where things happen – what happened to wisdom – oh yeah they wanted to paycheck – then pick another career – don’t get me started on how these women dress to entice men – disgusting….now women will come forward because they had a bad date – just like most courts that side with the mother – disgusting

  3. This Bull Rocks | February 3, 2018 at 9:20 am |

    I agree – it should work both ways – if you falsely accused someone and that is proven – then you should be sued – these women ( mostly) are coming forward now – and just saying it – deserves action as well

  4. This Bull Rocks | February 3, 2018 at 9:18 am |

    people need to have proof – before you destroy a person’s life – just saying it happened does not make it so

  5. Mune Shadowe | February 2, 2018 at 6:09 pm |

    It is in our nature and if the meow gang thinks they can point the witches finger at us and make us limp they can forget it.

  6. Mune Shadowe | February 2, 2018 at 6:00 pm |

    So let me get this strait:She can go around strutting her stuff dressed as a nun in a bikini and look hot to tempt men but the moment one guy for all we know may have looked at her cross eyed she is believed above him? How do we not know that some kind of false extortion was not allegedly involved?

  7. Shane Norkus | February 2, 2018 at 10:06 am |

    Allegations ARE NOT convictions, so unless this bimbo testifies under oath in a court of law and gets a conviction, this is all much ado about nothing.

    If he has nothing to hide, I’m surprised Paul Marciano hasn’t filed a counter suit against this twit?

  8. The life support system for mammary glands prominently presented for photographs speaks out.
    She has One Job. Nurture your glands so they will be ripe for the photographer when and where they need them. Eat sleep and ‘it puts on the lotion’. Simple? Here’s a check. Problem?
    Next.
    ( Gee, where will they ever find someone else willing to present their properly prepared glands for photographs? I wonder if the line of offerees would stretch from California to Chicago)

  9. I believe in treating women with respect.

    But I believe in the Rule of Law also, these public personal assassinations must stop. I don’t see why any web accusation that causes another person personal loss should not be adjudicated in a court of law.

  10. It’s not because the shareholders believe her, it’s because they sell before their stock takes the full hit from the PR backlash. Sadly public comments have consequences whether something immoral or illegal has actually happened.

  11. Wilbor Gavin | February 1, 2018 at 8:39 pm |

    When you willingly spread your legs to get a. Well paying job, don’t come back years later and cry about what you willingly gave up.

  12. Reality Junkie | February 1, 2018 at 8:30 pm |

    Who cares? Here we go again,,, Another one who slept her way to the top now feeling like she needs some free press and sympathy. What the hell is wrong with these pitiful women. Women are about to put themselves out of the workplace and get a new dress-code for workplaces and other venues. Just let them keep it up and they will ruin it for ALL women in the workplace. Soon it will be no hair down, no cleavage showing, no dress above the knee, etc… let them keep it up and rules will be made to make them all look like men to kill the attraction factor.

  13. Stuck_in_Ca√→ | February 1, 2018 at 6:16 pm |

    What’s sad is now that she has made her money and is famous she attacks Guess and that scumbag. If she was such a brave and strong woman she should have bailed the first time the guy harassed her. Nope she put up with it for the job, some bravery.

  14. She looks like a biter…

    • she’s got more miles on the clock than when she started. There might just be 1 or 2 other mammary gland life support systems willing to step into the harassment ring.
      (by ‘1 or 2 other’ i was using metric system so it’s actually 1 or 2 x 186,000 x half wave length of Kryptonite x the square of the attendees of the Super Bowl – or perhaps World Cup since we’re talking foreign calculation metric stuff)

  15. Nope. I see the resistance to it already. There are wide spread groups that are opposing the idiotic #MeToo claims. They are against these women coming out with these claims way after the fact. And, as you can see on these pages, there are a lot more individuals speaking out against it as well. The stock market reacts to rumors and anticipated actions. The investors believe that for some reason this will impact their sales. And it is possible since they sell mainly women’s clothes. But if you can’t see the winds of change coming against the #Metoo drive, you should look around a little more.

  16. ...remain calm and return fire | February 1, 2018 at 4:15 pm |

    that’s rich……hey, did Upton do Tiger Woods yet?

  17. I remember when you actually to commit a the act to have your life ruined. It’s like they never heard of due process or innocent until proven guilty in a court of law.. the #metoo things has become nothing more than a weapon… It ain’t rape if you consented to it anyway..

  18. Stop with this #MeToo crap before we ALL stop believing YOU. You Hollywood douchebags ALL knew what was and probably still IS happening.

    Just STFU and zip it.

    • Too late. Most people don’t believe anymore of these claims. And they are starting to ask the question of when these #Metoo “victims” are supposed to be responsible for their own decisions. Nice that you didn’t say anything at the time because you were getting a good deal and now that you are beyond it, you come out with unsubstantiated accusations. Get a life!

    • Now is a good time to buy Guess shares before they go back up.

    • donnieboy64 | February 2, 2018 at 2:25 pm |

      why do you still believe these lying bs artist feminist cockroaches?

Comments are closed.