A surge in demand for denim handbags and footwear linked to Taylor Swift‘s global Eras Tour have helped sales at luxury brand Kurt Geiger jump by 35 per cent since the start of its latest financial year.
The London-headquartered business said that Western and Americana-themed products have helped boost its turnover further between February and June this year.
The rise comes after the brand revealed annual sales of £360m for the year to February 2024, up 10 per cent.
The brand said its turnover had been boosted by its ‘affordable luxury’ handbags which are now Kurt Geiger’s biggest-selling products.
The business added that its earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by £10.3m to £40.4m in the year.
Kurt Geiger’s handbag business increased its sales to a record £115.6m in the year with an average price of £250.
Since 2018, gross sales in North America have grown 100-fold, from £2.5m to £255m today, with the US now its largest market.
Kurt Geiger’s US website almost doubled revenue to £29m in the year to February 2024 while in the last five months, its sales grew by 104 per cent in America alone.
The business is planning to reach 50 US stores in the coming years and is set to open three more in the coming months.
Kurt Geiger boss: ‘2024 on track to small all predictions’
Neil Clifford, CEO of Kurt Geiger, said: “Quite simply.. we stand out from the crowd. Our brand has unique design aesthetic – fun, colourful and instantly recognisable.
“That, combined with a strong British DNA and an incredible value proposition – we’ve filled a white space with bold, maximalist silhouettes at an affordable price point.
“2024 is on track to smash all of our most ambitions predictions – with our global footprint growing exponentially, driven by handbags… now our largest product category in all markets.
“Not bad for an independent British brand, operating against a pretty tough economic back drop.”
Kurt Geiger achieved its most profitable month in its history over Christmas 2023, with a 15 per cent rise in sales to £45m during December.
The business added that its 3,000 sq ft global flagship in Oxford Street, London, which opened in October, has “exceeded all sales predictions” and is on course to be its most profitable location
Kurt Geiger has been owned by London-based private equity firm Cinven and the management team since 2015.