Harassment Claims Hit Ted Baker Boss's Fortune as Shares Plunge
- Slump deepens after new article detailing staff complaints
- Analyst says saga could particularly hurt womenswear sales
Ted Baker Wooster VIP Event on September 22, 2016 in New York City.
Photographer: Astrid Stawiarz/Getty Images
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Harassment claims against Ted Baker Plc Chief Executive Officer Ray Kelvin have cost the British fashion mogul more than 70 million pounds ($90 million) in just two days, as shares of the clothier have plunged by as much as a quarter.
The London-based company’s stock fell as much as 14 percent Tuesday after trade journal Retail Week published an article in which it said it heard multiple accounts of staff hugs with Kelvin “turning into something else” and women being asked to sit on the founder’s knee.