NEW YORK — Shares of Guess Inc. skyrocketed on Friday after co-chief executive officer Paul Marciano fractionally increased his stake in the Los Angeles-based lifestyle brand.

According to a filing with the Securities and Exchange Commission, Marciano acquired 200,000 shares of Guess common stock for $800,000, or $4 a share. That increased his stake in the firm to 13.2 million shares, or 30.6 percent of the shares outstanding. Previously, he held 13 million shares, or 30.1 percent.

The purchase, however, still leaves Marciano as Guess’ second-largest shareholder after his brother, co-ceo Maurice Marciano, who owns 17 million shares, or 39.6 percent, of the company.

At the end of Friday’s New York Stock Exchange session, Guess shares added 96 cents, or 23.4 percent, to close at $5.07, making Paul Marciano’s company holdings worth $66.9 million, and Maurice Marciano’s worth $86.5 million.

Meanwhile, as reported, Paul and Maurice’s brother Armand Marciano, formerly senior executive vice president of the firm, has sold more than 1.4 million Guess shares since the beginning of December 2002, including 1 million that were purchased by Maurice. The divestitures have led some observers to speculate that Armand, who resigned from the firm’s board in December 2001, wants to cash out of the company. As of May 19, Armand Marciano still held 5 million shares, or 11.6 percent of the company’s stock.

To continue reading this article...

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus