Kurt Geiger to be acquired by Steve Madden
Kurt Geiger is to be sold by its private equity owner Cinven to New York listed fashion company Steve Madden for around £289 million.
Founded in 1963 on London’s Bond Street, the footwear and accessories brand now operates more than 70 stores across the UK and US, and also sells through US and UK department stores and a number of international franchise stores.
The company’s three brands include Kurt Geiger London, KG Kurt Geiger and Carvela.
Since acquiring Kurt Geiger in 2015, Cinven has worked closely with the brand’s management team to execute a business transformation, including a digital acceleration strategy to drive online sales. It has also worked to reposition the company from a UK-focused footwear business into a global accessory lifestyle brand.
Never Miss a Retail Update!Neil Clifford, chief executive officer of Kurt Geiger, said: “We are incredibly grateful to Cinven for their support and partnership. Their experience and expertise have been instrumental in creating value for Kurt Geiger, helping us to transform and strengthen the business.
“We have successfully implemented new strategies and broadened our product offering, all whilst staying true to our brand identity. As we step into this next exciting phase, we do so with a strong foundation.”
Maxim Crewe, partner and head of Cinven’s consumer and financial services sector teams, added: “It has been a privilege to support such an iconic company, and we look forward to seeing the brand continue to thrive in its next chapter.”
