Fashion trade: Ted Baker shares plunge on CEO 'hugs' investigation
Shares in British fashion designer and retailer Ted Baker slumped as much as 15pc yesterday as the company said it was investigating an employee petition demanding CEO Ray Kelvin stop hugging them.
It said it had appointed a committee to look into allegations of a "culture of harassment". The claims are "entirely at odds" with Ted Baker's values and those of Mr Kelvin, the retailer said. Ted Baker was 12pc lower at one stage yesterday, which extended its year-to-date decline to about 42pc
The comments from Ted Baker followed a report in the UK's 'Sunday Times' on the petition. The CEO is also accused of making sexual innuendos, stroking people's necks and other forms of verbal or physical harassment, the paper said.