US footwear, accessories and apparel retailer Steve Madden has agreed to acquire UK-based luxury brand Kurt Geiger from a group led by international private equity firm Cinven.
The deal will be finalised for an enterprise value of £289m ($360m) in cash, marking a substantial expansion for the New York-based company known for brands such as Dolce Vita and Betsey Johnson.
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Kurt Geiger opened its first store on Bond Street in London in 1963. The company now uses a multi-channel distribution strategy, operating more than 70 stores in the UK and US, and maintaining a presence in Europe, the Middle East and Asia.
Kurt Geiger’s portfolio includes high-end labels such as Kurt Geiger London, KG Kurt Geiger and Carvela.
The brand is also noted for its footwear concessions in some department stores, including Harrods and Selfridges. These concessions offer a mix of Kurt Geiger’s own designs as well as third-party brands.
In the 12 months to 1 February 2025, Kurt Geiger is expected to deliver £400m in revenue.
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By GlobalDataThe previous year saw the company’s underlying profits surge by 34% to £40.4m alongside a 10% increase in sales to £361m.
Kurt Geiger CEO Neil Clifford stated: “We couldn’t be prouder of the progress our team has made over the last few years in building Kurt Geiger London into a globally recognisable fashion brand. It’s been gratifying to see how consumers have responded to our unique design aesthetic and strong British DNA.
“While we’ve delivered remarkable growth in recent years, we believe we are in the early stages of our growth journey, with significant expansion opportunities available to us. With its global infrastructure and proven track record of supporting and growing its brands, we believe Steve Madden is the right strategic partner to help us reach our potential.”
The board of directors at Steve Madden has unanimously approved the transaction.
The company plans to finance the acquisition through committed debt financing and available cash reserves.
The deal is subject to regulatory approvals and customary closing conditions and is expected to close in the second quarter of 2025.
Advising Steve Madden on financial matters is Solomon Partners, with legal counsel provided by Travers Smith and Foley & Lardner.
Steve Madden chairman and CEO Edward Rosenfeld stated: “With this acquisition, we are excited to add Kurt Geiger London, a brand that has exhibited exceptional growth over the last several years. Kurt Geiger London’s unique brand image, high-quality and statement-making styles and compelling value proposition have driven success across multiple product categories, led by handbags.”
