Kurt Geiger sold to New-York based fashion firm for £289m
Kurt Geiger is to be sold by its private equity owner Cinven for £289 million to fashion company Steve Madden.
Cinven bought the shoes and handbag brand in 2015, and has significantly expanded its presence in the US in recent years.
Kurt Geiger now has more than 70 stores across the UK and US, and a presence in Europe, the Middle East and Asia.
Its product range spans across shoes, handbags and accessories, including swimwear, sunglasses, belts, and hats.
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
Neil Clifford, Kurt Geiger chief executive
Neil Clifford, Kurt Geiger chief executive, said: '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.'
He said the company is still '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,' he said.
Steve Madden, who founded the New York-based buyer, said buying Kurt Geiger was 'one of the great accomplishments of my career'.
He added: 'The brand is doing better and better every year, and the opportunity to collaborate with them is thrilling. I get goosebumps just thinking about it.'
Cinven said Kurt Geiger, which was founded in London in 1963, has gone from £10 million to £140 million net turnover in North America in the last four years.
Maxim Crewe, partner at the private equity firm, said: 'From launching into new product verticals and enhancing the digital platform, to capitalising on global opportunities in the US … we believe the brand is positioned for long-term success.'
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