Welcome to our dedicated page for Guess news (Ticker: GES), a resource for investors and traders seeking the latest updates and insights on Guess stock.
Guess?, Inc. news covers the apparel and accessories brand's operating updates, product and store activity, financial results, governance matters and completed take-private transaction. The company designs, markets, distributes and licenses contemporary apparel, denim, handbags, watches, eyewear, footwear and related consumer products under the Guess? brand, including GUESS JEANS initiatives and international retail expansion.
Coverage also includes the company's post-transaction brand and operating structure. Authentic owns 51% of substantially all Guess? intellectual property, rolling shareholders own the remaining 49%, and current Guess? management owns and continues to run the operating company, with Swiss operations serving as a hub for global design, creative and distribution direction.
GUESS has launched a new in-store customer recycling program in partnership with Homeboy Recycling to promote sustainability in the fashion industry. Customers can bring in 5 or more clothing items to any GUESS store across the US and receive a 15% discount on their next purchase. The items collected will be sorted for repair, resale, and recycling. This initiative aligns with GUESS' goals for circular business models and supports local job creation in Los Angeles.
Guess?, Inc. (NYSE: GES) urges shareholders to vote 'FOR ALL' its director nominees on the WHITE proxy card as the company responds to Institutional Shareholder Services (ISS). The company disputes ISS's recommendation to withhold votes for Paul and Maurice Marciano, emphasizing the importance of their leadership in the ongoing transformation strategy. An independent investigation regarding allegations against Paul Marciano is underway. Guess warns that proposed changes from Legion Partners could jeopardize long-term growth and value.
On April 14, 2022, Legion Partners Asset Management announced that Institutional Shareholder Services (ISS) recommends that shareholders of Guess, Inc. (NYSE: GES) withhold votes on the reelection of Paul and Maurice Marciano to the Board. ISS criticized the company’s past sexual harassment investigation as inadequate and highlighted credible risks to the Guess brand due to Paul Marciano's continued involvement. Legion calls for shareholders to support the removal of the Marciano brothers to mitigate risks and enhance company performance.
Guess?, Inc. (NYSE: GES) announced its strategy progress and fiscal achievements in a letter to shareholders ahead of their Annual Meeting on April 22, 2022. Fiscal 2022 revenue reached $2.59 billion, up 38% from the previous year, marking the best operating profit and margin results in a decade. The company has repurchased $378 million of shares in the last three years and increased its quarterly dividend by 100%. Guess urges shareholders to support its director nominees on the WHITE proxy card amidst a campaign by Legion Partners deemed destructive to shareholder value.
Guess, Inc. (NYSE: GES) issued a statement responding to Legion Partners' open letter, asserting that Legion's claims are misleading and repetitive. The company emphasizes that it has directly addressed the allegations against Paul Marciano through a special committee investigation. Guess argues that Legion lacks new value creation ideas and is a distraction to management, which has successfully executed its transformation strategy. The annual meeting is scheduled for April 22, 2022, to allow shareholders to vote on issues raised by Legion, aiming to minimize disruption.
Legion Partners Asset Management has issued an open letter to shareholders of Guess? (NYSE: GES), urging them to vote against the re-election of Paul and Maurice Marciano at the upcoming Annual Meeting. The letter highlights ongoing allegations of sexual harassment against Paul Marciano, stating the company's failure to adequately address these issues. Legion argues that the Board's actions are negligent and represent significant risks to the brand and shareholder value. They encourage shareholders to withhold their votes on the Marciano brothers and emphasize the need for leadership change.
Guess?, Inc. has filed definitive proxy materials with the SEC for its Annual Meeting on April 22, 2022. Shareholders of record as of March 23, 2022 can vote on the WHITE proxy card. The management team highlights a successful transformation strategy resulting in the best financial results in a decade, including an operating margin of 11.8% and ROIC of 26%. The Board, comprised of qualified directors, urges shareholders to support its nominees amid challenges from Legion Partners, emphasizing that their removal could hinder value creation.
Legion Partners Asset Management has launched a campaign urging shareholders of Guess (NYSE: GES) to withhold votes for Paul and Maurice Marciano's re-election to the Board. The investor presentation highlights ongoing allegations of sexual misconduct against Paul Marciano, which Legion claims threaten the company's brand and financial performance. The Marciano brothers’ continued presence is seen as detrimental, with the stock reportedly experiencing a "Marciano Discount" relative to peers. Legion emphasizes the need for better governance and has set up a dedicated website for updates.
Guess?, Inc. has initiated an accelerated share repurchase (ASR) program to buy back $175 million of its common stock, reflecting strong corporate confidence and a commitment to enhancing shareholder value. Over the past three years, the company has repurchased $378 million, which represents 28% of outstanding shares. The initial delivery of shares under the ASR is set for March 21, 2022, with final settlement expected by the end of Q3 2022. CEO Carlos Alberini emphasized the company's solid operational performance and growth prospects.
Guess?, Inc. (NYSE: GES) responded to Legion Partners' preliminary proxy statement, asserting that their campaign lacks constructive solutions and distracts from the company's leadership. The Guess Board emphasizes its commitment to shareholder value and finds Legion's actions irresponsible. The company is currently reviewing a Demand for Board Action from Legion and advises shareholders to take no action until the formal proxy statement is released ahead of the Annual Meeting on April 22, 2022.