Fashion mogul Peter Nygard resigned late Tuesday from his namesake company amid allegations by nearly a dozen women that he sexually abused underage girls at his Bahamas mansion.

“Recognizing the priority of the welfare of the thousands of Nygard employees, retail partners, loyal customers, vendors, suppliers and business partners, Peter Nygard has made the decision to step down as chairman of the Nygard Companies and will divest his ownership interests,” spokesman Ken Frydman said.

The resignation, effective immediately, came hours after the FBI and NYPD raided the company’s Times Square headquarters in connection with the sex trafficking investigation.

The raid comes two weeks after 10 women sued Nygard for depraved “pamper parties” at his mansion where he allegedly sexually abused underage girls. Dozens more victims of the creepy Canadian clothing king have since provided evidence relevant to the civil suit detailing an elaborate trafficking operation, according to attorneys Greg Gutzler and Lisa Haba.