The co-founder of fashion retailer Guess has relinquished his daily responsibilities at the company after allegations of “improper conduct”, which he denies.
The board and Marciano agreed that he would step down from the business on an unpaid basis after allegations were made by model Kate Upton and other women.
An investigation into the claims is being conducted by the law firm of O’Melveny & Myers LLP, but Marciano who co-founded the company in 1980 denies the claims.
“I have pledged my full cooperation to the company, and I have the utmost confidence in our CEO, Victor Herrero, to continue leading the company during this time,” Marciano said.
In the statement that announced the news, Guess added: “The company takes very seriously any allegations of sexual misconduct, is committed to maintaining a safe work environment, and looks forward to the completion of a thorough investigation of all the facts.”
Guess shares were down nearly 5% following the news, meaning that shares in the company have fallen 12% since the start of the year.