Steve Madden is set to acquire Kurt Geiger in a £289m deal, marking the end of its seven-year ownership under private equity firm Cinven.
Kurt Geiger, which has grown into a key player in the luxury footwear, handbags, and accessories market, operates more than 70 stores across the UK and US, and has a notable presence in Europe, the Middle East, and Asia.
Cinven, who took control of the brand in 2015, has been instrumental in expanding the brand’s reach, particularly in North America and through digital channels.
-
Related Story
-
Back in January, it enjoyed a record Christmas after December became the brand’s most profitable month in its 62-year history.
Meanwhile last month, the retailer reported a 17% growth in its direct-to-consumer business as handbag sales rocketed 54% over the festive period.
Steve Madden’s acquisition is expected to accelerate the retailer’s international growth, particularly in North America, where the brand has already established a strong presence.
Kurt Geiger CEO Neil Clifford 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.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
