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Private equity management fees fall to lowest level since records began

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Business

The titans of Wall Street

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Citadel, XTX and Jane Street have come to dominate trading on Wall Street, and not just in equities. They now run a huge proportion of trading in currency and bonds, something the banks used to own. But where did they come from, why have so few people heard of them, and how did they get so big? Today on the show, Katie Martin and Robin Wigglesworth discuss the massive growth in the algorithmic trading firms. Also, they go long honesty, and long the upcoming FT Alphaville pub quiz in New York.

Read the FT’s series about the new titans of Wall Street here.

For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer

You can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com.

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Money

Costa unveils new Christmas menu including nine new items – and a returning fan favourite

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Costa unveils new Christmas menu including nine new items - and a returning fan favourite

COSTA has announced a sparkling new Christmas menu for 2024 with returning fan-favourites and new surprises.

On Thursday, November 7, the nation’s favourite coffee chain is launching a brand new range of menu items to mark the festive season.

The Costa 2024 Christmas menu will launch on November 7 with brand new festive hot drinks such as the Caramel Nutcracker latte.

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The Costa 2024 Christmas menu will launch on November 7 with brand new festive hot drinks such as the Caramel Nutcracker latte.
Previous fan-favourites will also return such as the Black Forest hot chocolate - as well as a frappe version

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Previous fan-favourites will also return such as the Black Forest hot chocolate – as well as a frappe version
Brand new food items will also be on the menu, including a Brie and Cranberry toastie

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Brand new food items will also be on the menu, including a Brie and Cranberry toastie

And Costa fans are bursting with joy to find out that the Black Forest Hot Chocolate is returning to the 2024 menu.

Not only this, but customers will also be able to ask for a Black Forest Frappe – a whipped iced alternative which has never been seen before.

The rich dessert-inspired drinks will come with cream, sprinkles and cherry sauce.

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And if you’re a Costa Club member you can get your hands on both drinks early – from October 24 (Thursday).

Prices are not yet confirmed but keep in mind that they can vary across the season and between locations.

Other returning fan-favourites include the Gingerbread and Cream Latte and the Terry’s Chocolate Orange hot chocolate.

Both of these winter warmers come with a complimentary sweet treat.

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With the Gingerbread and Cream Latte you get a gingerbread biscuit and with the Terry’s Chocolate Orange hot chocolate you get a Terry’s segment.

There are also plenty of new arrivals to the menu, including a Caramel Nutcracker flavour which can be enjoyed in a latte, an iced latte or a hot chocolate.

Five ways to save money at costa

Costa describes the brand new flavour as “a dreamy blend of caramel, nutty notes, and holiday magic.”

It will also be available to buy from all Costa Express machines, so you can sip on some Christmas spirit wherever you are.

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Those visiting a Shell Garage with a Costa Express machine can also get their hands on another new flavour: The Festive Spice.

Whether you’re in a Costa cafe or visiting a machine on the go, you can get the Festive Spice flavour added to any beverage you desire.

The Festive Spice Latte will be a staple item on the 2024 menu.

Hot drinks can also be enjoyed in brand new Costa takeaway cups, which have been redesigned for 2024 and will feature pink, blue and purple waves.

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Hungry customers will also have the option to browse from a brand new list of festive food items.

One of the most exciting additions is the Brie and Cranberry Toastie, which will be “oozing with brie and complemented by the sweetness of cranberry”.

A range of festive toasties will also return, including the Pigs and Blankets, Turkey Trimmings and Hog Roast editions from previous years.

You will also be able to buy a Brie, Bacon and Chilli Jam Panini and a Turkey Feast Sandwich.

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Whereas if you’re looking for something sweet, there will be lots of new festive cakes and desserts.

You could get a Berry Red Velvet Mini Loaf, with a gooey raspberry source centre, or you could get a Chocolate and Caramel Nutcracker cake.

The Nutcracker cake has layers of chocolate sponge filled with caramel frosting and is topped with chocolate hazelnut frosting.

You can also buy the new Iced Gingerbread Snowman Biscuit, which is a charming gingerbread person adorned with fondant icing.

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Or you could opt for a classic Billionaire’s Slice which is new to the winter menu, or the Winter Berry Crumble.

The new Winter Berry Crumble is actually plant-based, so is perfect for anyone who is lactose intolerant, allergic to dairy, or on a vegan diet.

Customers will also see the return of the Festive Bakewell Tart which comes with a seasonal pastry and a holly leaf on top.

The full list of 2024 Christmas menu items is below:

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  • The Caramel Nutcracker Latte (NEW)
  • The Caramel Nutcracker Iced Latte (NEW)
  • The Caramel Nutcracker Hot Chocolate (NEW)
  • The Festive Spice Latte (NEW)
  • The Festive Spice Syrup (NEW)
  • The Gingerbread and Cream Latte
  • The Terry’s Chocolate Orange Hot Chocolate
  • The Black Forest Hot Chocolate
  • The Black Forest Frappe (NEW)
  • The Brie and Cranberry Toastie (NEW)
  • The Pigs and Blankets Toastie
  • The Turkey and Trimmings Toastie
  • The Turkey Feast Sandwich
  • The Brie, Bacon and Chilli Jam Panini
  • The Hog Roast Toastie
  • The Festive Bakewell Tart
  • The Chocolate and Caramel Nutcracker Cake (NEW)
  • The Berry Red Velvet Mini Loaf (NEW)
  • The Iced Gingerbread Snowman Biscuit (NEW)
  • The Billionaire’s Slice (NEW)
  • The Winter Berry Crumble (NEW)

When prices are released, make sure you check the Costa website or app before visiting so you have a sense of what you might spend.

But remember that prices can change between locations and depending on the size of the coffee you buy.

Costa Cofffee loyalty scheme perks

Costa Club members can get early access to new menus among other perks.

To join download the Costa Coffee app, it’s free to download via the Apple app store or Goolgle Play store.

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Stamps can be collected in any of the chain’s 2,800 coffee shops, as well as around 12,000 machines in petrol stations and convenience stores. 

You can get stamps for spending in store and using a reusable cup.

You get a free drink after collecting ten stamps, or beans as they are called.

For a small latte, at £3.50, it’s £35 to get a free coffee.

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Those going to a Costa store can earn an additional ban with a reusable cup, so that cuts the outlay down to £17.50 or buying five coffees.

  • How it works: 1 drink purchased = 1 bean, 10 beans = free drink
  • Small latte cost: £3.50
  • Number of drinks to hit target: 10
  • Cost for a ‘free’ coffee: £35
  • Reusable cup bonus: Yes, one extra bean

You also get free cake on your Birthday.

The Costa Club app is free and helps you make sure you’re securing the best prices.

You can get a free drink after every 10 drinks you buy, unless you come in with a reusable cup, in which case you get a double stamp and only need to buy five.

Other exclusive rewards with the free membership include free cake on your birthday.

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However, keep in mind that many of these schemes are designed to get you to spend more money.

Don’t buy more coffee and splash more cash than you usually would, just to get the free reward quicker – this defeats the point.

Stamping your card is a great thing to do so you can enjoy a free pick-me-up now and then.

You can also save big bucks by enjoying Costa Coffee from home using the Barista Creations sachet.

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Costa have brought out a limited edition Gingerbread Latte flavour this winter and all you need to do is add hot water.

A box of these are £1.75 with a Club Card in Tesco, meaning you could spend just 29p a coffee at feel the Christmas joy.

You can read more about how to save on hot drinks in our article here.

Toasties returning this Christmas are the Pigs in Blankets and the Hog Roast

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Toasties returning this Christmas are the Pigs in Blankets and the Hog Roast
The Turkey and Trimmings Toastie and the Turkey Feast Sandwich are perfect for meat lovers this Christmas

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The Turkey and Trimmings Toastie and the Turkey Feast Sandwich are perfect for meat lovers this Christmas
The Winter Berry Crumble, the Billionaire's Shortbread and the Festive Spice Latte are brand new editions

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The Winter Berry Crumble, the Billionaire’s Shortbread and the Festive Spice Latte are brand new editions
Costa Barista Creations is a great way to enjoy festive coffee at home for less cost

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Costa Barista Creations is a great way to enjoy festive coffee at home for less cost
The Iced Gingerbread Snowman biscuit and the Festive Bakewell Tart would both pair nicely with a Terry's Chocolate Orange hot chocolate

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The Iced Gingerbread Snowman biscuit and the Festive Bakewell Tart would both pair nicely with a Terry’s Chocolate Orange hot chocolate
The new Costa takeaway cups come in small, medium and large sizes

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The new Costa takeaway cups come in small, medium and large sizes
Costa will also be selling festive key rings in store

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Costa will also be selling festive key rings in store

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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Travel

10 Reasons to Add Terranea to Your SoCal Travel Wish List

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Terranea is more than just a classic coastal resort; it’s an immersive experience that embodies the spirit of Southern California. Nestled atop the cliffs of Palos Verdes, Terranea caters to sun-kissed dreams of breathtaking Pacific Ocean proximity and stunning sunsets. The Mediterranean-inspired oasis is conveniently located near iconic Los Angeles attractions such as the Santa Monica Pier, the Hollywood Boulevard Walk of Fame, Hollywood Bowl, Universal Studios, Griffith Park, Crypto.com Arena, and the Getty Center. But, with its four inviting pools, a top-notch spa, diverse dining options, boutique shops, and exceptional service, Terranea offers plenty of reasons to stay put within the 102-acre paradise.

Terranea is its own enchanting world, where life is exceptionally well lived. The resort is a nostalgic California Dream realized. Picture kayaking in the Pacific alongside playful dolphins, or sipping champagne while watching a breathtaking sunset, or roasting marshmallows by a warm fire as the gentle coastal fog rolls in. As the resort celebrate its 15th anniversary, it shines brighter than ever. A recent update highlights its outstanding service and luxurious amenities. Here are ten reasons to add Terranea to your Southern California travel wish list:

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Nestled atop the cliffs of Palos Verdes, Terranea caters to sun-kissed California dreams

The Views: Terranea is located on the Palos Verdes Peninsula, one of Southern California’s most scenic and coveted coastlines, overlooking the Pacific Ocean and Catalina Island. You might spot blue and humpback whales during summer months, and gray whales in the winter during migration season. Dolphins can be seen frolicking in the distance year-round. And few experiences are as soul-soothing as a glass of bubbly enjoyed on a Terranea terrace as the setting sun glistens upon the water. 

The Accommodations: Each of the resort’s 582 spacious guest retreats is luxuriously welcoming with plush furnishings, rich linens, spa-like baths, and private balconies. For added space and privacy, choose from 50 three-bedroom ocean view casitas and 32 villas, ranging from 1,850 sq. ft. to 2,800 sq. ft., with spacious, fully-equipped kitchens and living areas. 

A Terranea Casita

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Terranea Casita primary bedroom

The Swimming Pools: Terranea boasts four different heated swimming pools: the Resort Pool with a 140-foot waterslide and splash pad, the adults-only Cielo Pool, the Vista Pool for guests ages 13 and older, and the Spa Pool, which commands some of the best views from the property. This is the one at which to linger. Reserve a cabana, and allow the professionally attentive staff to fawn over you with healthy food and drink from solviva café. Other than a beach in Nantucket, no more perfect spot can be found at which to listen to your Elin Hilderbrand audiobook.

Terranea Spa Pool

Activities Galore: Regardless of age or skill level, Terranea has an array of activities that appeal to every guest. Terranea’s Experience Center and team of expert Experience Concierge associates can assist with scheduling a variety of services. Offerings include lessons in the art of falconry, nature hikes, tide pooling, paddle boarding and kayaking. There’s nothing quite like kayaking alongside dolphins that playfully leap out of the water in a pas de deux. Terranea’s water sports activities are conducted from their Beach Cove, a magical little spot at water’s edge.

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Find both relaxation and adventure at Terranea’s Beach Cove

The Spa at Terranea: This 50,000-sq.-ft. oasis of natural stone and native woods is perched on the cliff and features 25 treatments rooms, separate men’s and women’s indoor and outdoor relaxation areas, and an array of luxurious treatments. The aforementioned spa pool is the most perfect place to relax pre and post treatment. Adjacent to the spa is a 5,000 square ft. fitness center with oceanfront Movement Studio. And the spa’s retail space is reason enough to stop by. You’ll find workout and leisure wear, candles, bath and body products, and delicate jewelry.  

The Links at Terranea: With lush natural terrain and dramatic ocean vistas, the award-winning, nine-hole, par-3 Links at Terranea course features a sustainable design that serves as a habitat for native plant species. Here, on-site PGA professionals offer personalized instruction through Terranea’s Golf Academy, helping golfers evaluate every aspect of the game, including proper practice techniques and short game mechanics.

The Links at Terranea

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The Cuisine: Terranea is home to eight dining venues. Eight! And each features stunning coastal views. You’ll find no need for meal repeats, though it’s likely a favorite will draw you back for seconds. The exceedingly elegant mar’sel (Spanish for “sea” and French for “salt”) is the resort’s signature restaurant. Set atop the cliffs, it’s is a regional gem, well-illustrated by its Michelin Guide recommendation and its Forbes Travel Guide four star designation. Superb service, crafted cocktails (don’t miss the Basil Hayden espresso martini), an interesting wine list, and perfectly executed, seasonal dishes made for a stunningly memorable meal. bashi is Pan Asian, serving the freshest sushi and family-style Asian dishes at my patio table overlooking the main resort pool and stunning coastline. The menu features nigiri, sashimi, rolls, Hamachi and scallop carpaccio, Bang Bang shrimp, spicy chicken and pork dumplings, shaking beef, and wok tossed noodles among so many other yummy dishes. Nelson’s is the place for a casual lobster roll and a glass of wine served with sunset views. The spa’s solviva café features light, wellness-oriented bites. And catalina kitchen offers al fresco dining overlooking the Resort Pool. sea beans take-out café stocks all kinds of yummy goods like holiday-themed cookies, gelato, ice cream sandwiches, etc.

A meal at mar’sel, Terranea’s flagship fine dining restaurant, is memorable

Hollywood History: You certainly don’t need to know Terranea’s provenance in order to enjoy your stay, but it’s fun to learn that Terranea’s scene-stealing backdrop has attracted Hollywood film crews since the 1950s when Lloyd Bridges starred in the popular TV adventure series Sea Hunt. At the time, the area was also home to Marineland of the Pacific, a seaside animal theme park. Since then, the dramatic landscape and oceanfront setting has been featured in numerous television and feature film productions, from Pirates of the Caribbean to The Beverly Hillbillies.

The Awards: Terranea has plenty of them, including:

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 ~ Forbes Four-Star Award for Terranea, mar’sel and The Spa; 2010-2024

~ AAA Four Diamond Award; 2010-2024

~ Readers’ Choice Award, Conde Nast Traveler; 2012-2018, 2020-2022, 2024

~ Top 10 Best Hotels and/or Resorts, U.S. News & World Report; 2012-2024

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~ “Best Hotel in the U.S.” Readers’ Survey, Global Traveler; 2021, 2023

~ “Best of Award of Excellence,” Wine Spectator; 2015-2024 

Hike Terranea’s perimeter via the resort’s nature trail

Boutique Shopping: In addition to the aforementioned spa boutique, the resort’s porte cochere is home to marea, a luxury boutique stocked with beautiful, high end resort wear and accessories for both men and women. You’ll find brands like Veronica Beard and L’AGENCE for women, and Peter Millar and Hugo Boss for men. It’s nearly impossible to walk out empty handed. And next door, pointe discovery is where you’ll find Terranea logoed apparel and souvenirs, as well as educational toys that speak to the resort’s seafaring location. You’ll surely want a candle, at the least, to light at home—the aroma of which will transport you back to this singular paradise.

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Photos courtesy of Terranea

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Moldova and Georgia should be free to choose their own paths

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Unlock the Editor’s Digest for free

Unlike in Ukraine, Vladimir Putin is not seeking to annihilate the sovereignty and national identity of Moldova and Georgia by reducing cities to rubble and formally annexing territory. The two countries, once part of the Soviet Union, are nevertheless subject to malign Russian influence aimed at preventing them from choosing their own paths at home and abroad. Each deserves more vigorous, well-crafted support from the US and its European allies.

The Kremlin deployed its dark arts in Sunday’s Moldovan presidential election and referendum on enshrining the country’s aspirations to EU membership in the constitution. They have been no less evident in the campaign for Georgia’s parliamentary elections to be held on October 26. By overt and underhand methods, Moscow supports anti-western, anti-democratic forces for the purpose of corralling both countries into what it sees as its rightful, predominant sphere of influence in the post-Soviet area.

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Moldova’s two votes fell short of delivering the unequivocal pro-western message for which President Maia Sandu was hoping. Having failed to win an outright victory in the presidential election, Sandu faces a run-off on November 3 against a Russian-backed opponent. On a relatively low turnout, the EU referendum produced the narrowest of majorities in favour of the constitutional change that Sandu favours.

Russian disinformation and vote-buying played a part in the disappointing results. The EU’s diplomatic service said “Russia and its proxies actively tried to undermine the democratic and voting processes in Moldova”. But that is not the whole story. Parts of the country, such as the autonomous region of Gagauzia, have leaned towards Russia since Moldova gained independence in 1991 from the USSR. Other voters were voicing dissatisfaction with low living standards, corruption and the failure to reform Moldova’s judicial system.

In other words, Sandu has discovered what other European leaders before her have learnt to their cost: people voting in a referendum often have other things on their mind than the question asked. There was no compelling reason for Sandu to call the referendum. Even to include Moldova’s EU ambitions in the constitution may not change much.

A similar clause in Georgia’s constitution came into effect in 2018. However, it has not prevented Bidzina Ivanishvili, the de facto strongman ruler, from adopting illiberal policies so far removed from EU norms that the bloc has, for the moment, frozen Georgia’s membership bid. The US and EU have been slow to grasp the seriousness of the threat that Ivanishvili, with or without Russian support, poses to democracy and civil liberties in Georgia.

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In Moldova, the president’s powers are limited, so the biggest test for Sandu’s pro-western course will come in parliamentary elections that must be held by next July. Europe and the US should step up economic support, combat Russian espionage and propaganda, and accelerate Moldova’s path to EU membership. Sandu and her allies also need to intensify domestic reforms, particularly on the rule of law, that are a prerequisite for joining the EU.

In Georgia, the challenge takes a different form. There are strong reasons for doubting whether this weekend’s elections will be free and fair. There is likewise no indication that, if against almost all odds the democratic opposition were to win, Ivanishvili and his party would step down from power.

In the event of post-election unrest, the EU and US should stand ready to serve as mediators. If Ivanishvili stays in power unfairly and continues his democratic backsliding, punitive measures against him — rather than the Georgian people — will be necessary. As in Ukraine, the west’s fundamental interest lies in protecting the right of Moldova and Georgia, free of Russian threats, to determine their destinies.

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Three ways to save cash on Halloween decorations by making your own creepy crafts

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Three ways to save cash on Halloween decorations by making your own creepy crafts

THE shops may be full of Halloween decorations now, but it’s easy to save cash by making your own.

Plus, getting the children involved will keep them entertained for at least a few minutes, giving you a double win.

The price is fright with our affordable DIY Halloween decorations

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The price is fright with our affordable DIY Halloween decorationsCredit: Getty

Here are some affordable ideas for creepy crafts . . . 

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PAINT PUMPKINS: They aren’t just for carving.

Little munchkin pumpkins cost 49p each in Asda and kids will love decorating them.

You can use paint, glitter, stickers, gems and any other craft bits you happen to have lying around your home.

READ MORE MONEY SAVING TIPS

When dry and finished, display in a basket or bowl for a ghastly touch to your home.

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SPOOKY LIGHT-UP LANTERNS: If you have a couple of empty clear jars lying around, you can easily turn them into ghoulish Halloween decorations.

Paint them green, orange, white or purple or you can wrap crepe paper to the jar and glue it on.

When dry or ready, use a black marker pen to draw spooky-looking eyes and a mouth.

A white jar can be fashioned into a ghost face, while alternative colours work as monsters.

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When finished simply pop an LED tea light inside — a pack of four is £2 from Hobbycraft.

Aldi’s bargain Halloween decorations

GHASTLY BUNTING: Give your child smallish pieces of white paper — around A6 size — and ask them to draw ghosts with a black felt tip.

When they are finished, you can then cut each one out and glue or tie them in a row to some tough yarn or string to make easy bunting.

Your little one will also be delighted to see their creation hanging up.

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Alternatively, slice an apple in half and let your child dip the cut side in orange paint to make prints on white paper.

The apple is a natural pumpkin shape and you can add a face with black pen when dry.

Again, cut out each print when dry to make bunting.

  • All prices on page correct at time of going to press. Deals and offers subject to availability

Deal of the day

This Viktor and Rolf Ruby Orchid 30ml bottle is down to £43.50 at Boots

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This Viktor and Rolf Ruby Orchid 30ml bottle is down to £43.50 at BootsCredit: Viktor and Rolf

SPRAY a little Viktor and Rolf Ruby Orchid for a delicious scent.

A 30ml bottle is down from £67 to £43.50 at Boots.

SAVE: £23.50

Cheap treat

Spooners cookie dough is £2.95 for a two-pack

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Spooners cookie dough is £2.95 for a two-packCredit: Sainsburys

TUCK into American-style cookie dough with Spooners, £2.95, for a pack of two at Sainsbury’s.

What’s new?

IN need of a hug? The cosy bear cuddle cushion, £17.60, new at Matalan is the perfect snuggle buddy.

Top swap

This electric aroma diffuser is £45 from Oliver Bonas

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This electric aroma diffuser is £45 from Oliver BonasCredit: Oliver Bonas
Or this one from George at Asda will do a similar job for less

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Or this one from George at Asda will do a similar job for lessCredit: Asda

INFUSE your home with soothing fragrance oils using the electric aroma diffuser, £45, from Oliver Bonas.

Or the very similar mist diffuser, £18 from George at Asda will do a similar job for less.

SAVE: £27

Little helper

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MORRISONS’ Christmas food to order service is back.

From now until December 16 you can choose from more than 150 dishes including canapes, centrepieces and desserts to collect from December 20 to 24.

Shop & save

These metallic kitten-heel boots are reduced at Peacocks

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These metallic kitten-heel boots are reduced at PeacocksCredit: Peacocks

UPGRADE your shoe collection with these metallic kitten-heel boots, down from £30 to £24 at Peacocks.

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SAVE: £6

Hot right now

ENJOY a pad Thai and Chang beer or soft drink for £10 at Giggling Squid restaurants from 12pm to 6pm until November 17.

PLAY NOW TO WIN £200

Join thousands of readers taking part in The Sun Raffle

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Join thousands of readers taking part in The Sun Raffle

JOIN thousands of readers taking part in The Sun Raffle.

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Every month we’re giving away £100 to 250 lucky readers – whether you’re saving up or just in need of some extra cash, The Sun could have you covered.

Every Sun Savers code entered equals one Raffle ticket.

The more codes you enter, the more tickets you’ll earn and the more chance you will have of winning!

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Business

Former Abercrombie & Fitch CEO Mike Jeffries charged with sex trafficking

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Unlock the Editor’s Digest for free

US prosecutors have accused former Abercrombie & Fitch chief executive Mike Jeffries of running a global sex trafficking operation, alleging that he lured dozens of young male models to New York and elsewhere to engage in sex acts, often without their consent.

Jeffries, who headed the fashion brand from 1992 to 2014, was charged with running a “business that was dedicated to fulfilling [his] sexual desires”, according to the indictment, alongside his partner, Matthew Smith, and James Jacobson, who is alleged to have acted as a recruiter.

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The 80-year-old used “his power, his wealth and his influence to traffic men for his own sexual pleasure”, Breon Peace, the US attorney for the eastern district of New York, said on Tuesday. Many of those recruited were told they would feature in Abercrombie advertisements, he added.

While the indictment only mentions 15 alleged victims, the scheme “encompassed dozens and dozens of men”, Peace said, urging others to come forward.

Prosecutors said they would seek to incarcerate Smith, a UK citizen, while he awaits trial, as he posed a flight risk. The other defendants would be allowed to post bail if a judge agrees.

Brian Bieber, a lawyer for Jeffries said: “We will respond in detail to the allegations after the indictment is unsealed, and when appropriate, but plan to do so in the courthouse — not the media.”

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A lawyer for Smith did not respond to a request for comment. A lawyer for Jacobson declined to comment. There is no allegation that Abercrombie resources were used in the scheme.

Abercrombie’s then-owner, Les Wexner, hired Jeffries as CEO to revive the former outdoors supplier, which dates to the late 19th century. Wexner is the founder of L Brands, which was the parent company of retailers including Victoria’s Secret and Bath & Body Works. He stepped down in 2020 amid growing pressure over his ties to Jeffrey Epstein, the late sex offender and financier charged with sex trafficking underage girls. 

Jeffries refashioned Abercrombie into the owner of hip brands coveted by teenagers with an imperative to “sizzle with sex”. “In every school there are the cool and popular kids, and then there are the not-so-cool kids. Candidly, we go after the cool kids,” Jeffries said in 2006. “We go after the attractive all-American kid with a great attitude and a lot of friends.” 

His ad campaigns were racy, featuring scantily clad models in suggestive poses that drew the ire of groups such as the Concerned Christians of America. But Abercrombie’s stock price soared in the years following its 1996 public offering. 

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Jeffries stepped down in 2014 as Abercrombie’s sales faltered and the company faced discrimination claims from employees. A 40-page “Aircraft Manual” that emerged in a lawsuit against the company alleged that employees serving Jeffries on private planes had to wear Abercrombie polo shirts and boxer briefs, among other rules.

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