Briton Matthew Smith, the partner of former Abercrombie & Fitch CEO Michael Jeffries, leaves court in Central
Islip, New York on December 3, 2024

The partner of the ex-CEO of the Abercrombie and Fitch clothing line
pleaded not guilty Tuesday in US federal court to charges of sex trafficking and
interstate prostitution and was released on $10 million bond.


Briton Matthew Smith, the ex-CEO Mike Jeffries and their fixer James Jacobson allegedly
used a "casting couch" ploy to groom aspiring male models to attend sex parties at which victims were
plied with alcohol and drugs.

After his arrest in October in Florida with Jeffries, Smith was held in custody in New York.
Smith appeared in court Tuesday in Central Islip on Long Island, to the east of New York
City.

Smith pleaded not guilty and was released on a $10 million bond put up by Jeffries and his family, said a statement from the US attorney's office
for the eastern district of New York.

An AFP photographer saw Smith leave the courthouse with what appeared to be a large electronic surveillance bracelet attached to his ankle.






Le Britannique Matthew Smith, compagnon de l'ancien patron de l'enseigne américaine de mode Abercrombie & Fitch, Michael Jeffries, sort du tribunal fédéral de l'est de l'Etat de New York, à Central Islip, le 3
décembre 2024, après avoir plaidé non coupable de
trafic sexuel et proxénétisme

Another hearing is scheduled for December 10 for Smith,
Jeffries and Jacobson.

Jeffries, 80, was released on a $10 million bond in late
October.

Jeffries, who served as CEO of Abercrombie and Fitch from 1992 to 2014,
is accused of creating and maintaining a ring that recruited young men to have sex with him and Smith.


Prosecutors allege that between December 2008 and March 2015 Jeffries,
Smith and Jacobson used a combination of "force, fraud and coercion" to traffic men in a sprawling prostitution enterprise.


Charging documents detail 15 anonymous victims, but prosecutors suggest the scale was probably much larger and have appealed for witnesses and victims to come forward.


Prosecutors say young men were taken to the New York
home of Jeffries and Smith and to hotels in Britain, France, Italy, Morocco to have sex with them.


Jeffries faces the prospect of life in prison if convicted.

Jacobson also pleaded not guilty to the same charges
as the other defendants and was released on half a million dollars bond
in October.

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LONDON, Sept 28 (Reuters) - Philip Morris International (PMI) on Thursday signalled a slower than anticipated U.S.
roll out of its IQOS heated tobacco device, a choice analysts
said was positive for its competitors in the short term.


The New York-listed Marlboro maker also said it aims for more than two thirds of its net revenues to come
from "smoke-free" products by 2030, up from 50% in 2025,
as it tries to transform its image from a cigarette purveyor to a driver of the shift to
healthier alternatives.

Investors have been closely watching IQOS' entry into the U.S., the
world's largest market for nicotine products, and had been expecting it
from May 2024 next year. Reuters reported on Wednesday that PMI
is hiring lobbyists across a host of key U.S. states ahead of the launch.


Chief Executive Jacek Olczak said IQOS would launch
in four cities in two unnamed U.S. states from 2024,
but a national launch would only come after PMI receives approval to
sell the latest version, known as IQOS ILUMA.

The company was planning to apply for approval in October and expected it from 2025, he
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"We need to warm up the tyres," he said of the initial launch, which would help PMI fine tune
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A national roll-out of ILUMA would follow but in phases, he continued, adding launching in 10
states in the first year would make sense.



Meaningful traction for PMI's heated tobacco products in the U.S.
"now looks delayed until ILUMA," Owen Bennett, equity analyst at Jefferies, said in a note, adding this was a positive for PMI's rivals.


Olczak also signalled that PMI's push into non-nicotine products was no longer a priority.
It recently scrapped an ambition for $1 billion in net revenues to come from sales of such products by 2025.



Instead, PMI will focus its resources on iqos iluma i and nicotine pouch brand ZYN, Olczak said, adding it had been too optimistic around acceptance of big
tobacco companies operating outside of nicotine.

PMI also announced updated medium-term targets including for revenue and earnings per share, and ambitious volume targets for IQOS and ZYN.


ZYN and other oral nicotine products in the U.S. would help drive an expected $2 billion in revenues there in 2024,
even before IQOS ILUMA, executives said.

PMI shares were up 1.5% on Thursday. (Reporting by Emma Rumney in London and Granth Vanaik in Bengaluru; additional reporting by Ananya
Mariam Rajesh in Bengaluru; Writing by Emma Rumney; Editing by Elaine Hardcastle and Josie
Kao)

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