Steve Madden has agreed to acquire British footwear and accessories brand Kurt Geiger from a Cinven-led group for about £289 million (US$363.2 million).
“With this acquisition, we are excited to add Kurt Geiger London, a brand that has exhibited exceptional growth over the last several years,” said Edward Rosenfeld, Steve Madden chairman and CEO.
“Its differentiated and elevated positioning within the market – and its alignment with our strategic initiatives of expanding in international markets, accessories categories and direct-to-consumer channels – make this a highly attractive and complementary addition to our portfolio.”
Kurt Geiger’s brand portfolio includes Kurt Geiger London, KG Kurt Geiger, and Carvela. It also sells both its own and third-party brands through its footwear concessions in luxury and premium department stores in the UK, including Harrods and Selfridges.
Steve Madden will fund the transaction, which is expected to close in the second quarter, with a combination of committed debt financing and cash on hand.
For the 12 months ended February 1, Kurt Geiger’s revenue was about £400 million.
Last November, Steve Madden raised its full-year revenue guidance after witnessing growth in the third quarter.
