Luxury fashion house Steve Madden is set to acquire footwear, handbag and accessories brand Kurt Geiger from international private equity firm Cinven in a deal worth £289m.
Cinven said today in a statement that its consumer sector team has partnered closely with Kurt Geiger since its investment to “execute an ambitious business transformation” since it bought the business in 2015 for £245m.
This includes an internationalisation strategy that Cinven says has repositioned the business from a UK-focused business into a “global accessory lifestyle brand”.
To date, Kurt Geiger has more than 70 stores in both the UK and US as well as a presence across Europe, the Middle East and Asia.
Kurt Geiger is also sold via its wholesale footprint in a number of US department stores, concessions in UK department stores as well as via international franchises and on its own online platform and through third-party partners.
It operates three brands including Kurt Geiger London, KG Kurt Geiger and Carvela with its product range including shoes, handbags and accessories such as sunglasses, belts, hats and swimwear.
Kurt Geiger chief executive 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 while staying true to our brand identity. As we step into this next exciting phase, we do so with a strong foundation.”
Cinven partner Maxim Crewe said: “We are proud of the journey we have taken with Kurt Geiger. Leveraging Cinven’s experience in the consumer sector, we have worked closely with Neil and the entire management team to implement new ideas and strategies that have strengthened the business.
“From launching into new product verticals and enhancing the digital platform, to capitalising on global opportunities in the US, alongside the excellent work of the Kurt Geiger Foundation, we believe the brand is positioned for long-term success.
“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.”
The deal is understood to be subject to “regulatory approvals and other customary closing conditons”.
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