Private equity firm Cinven has announced the sale of Kurt Geiger to shoe brand Steve Madden for £289m.
Cinven bought the footwear and accessories brand in 2015 for £245m, and has since greatly expanded the business in the US.
In America alone, sales surged by 58.7 per cent to over £110m from February to September last year, with its e-commerce and wholesale businesses growing by 94.4 per cent and 50.9 per cent, respectively, during the same period.
From 2018 to 2025, yearly US sales have grown from £2.5m to £250m at the retailer.
The company recently expanded to four brick-and-mortar locations in America, taking its estate to over 70 stores gloablly. Prior to the sale, Kurt Geiger announced its plan to reach 50 US stores.
Neil Clifford, chief executive of Kurt Geiger, said: “[Cinven] 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.”
Kurt Geiger recently announced record growth of 17 per cent in December, which the brand credited to a 54 per cent rise in handbag sales and its US expansion.
The brand will be bought by Steve Madden, which also owns the Dolce Vita, Betsey Johnson, Blondo and Greats fashion brands.
Senior principal Olivier Cassat said: We believe the new owners bring complementary expertise and industry understanding to further accelerate its success. We look forward to seeing Kurt Geiger flourish in the years ahead.”
The transaction remains subject to regulatory approvals and other closing conditions.