Steve Madden (a leading designer and marketer of fashion footwear, accessories, and apparel) announced that it has entered into a definitive agreement to buy UK-based Kurt Geiger from a group led by international private equity firm Cinven for an enterprise value of about £289 million in cash.
Along with Kurt Geiger London, Kurt Geiger’s brand portfolio includes KG Kurt Geiger and Carvela. And Kurt Geiger also operates footwear concessions within luxury and premium department stores in the United Kingdom, including Harrods and Selfridges, where it sells its own and third-party brands. For the 12 months ended February 1, 2025, Kurt Geiger had an estimated revenue of approximately £400 million.
The Steve Madden Board of Directors unanimously approved the transaction. Steve Madden plans to fund it with a combination of committed debt financing and cash on hand. The deal is anticipated to close in the second quarter of 2025, subject to the receipt of required regulatory clearance and other customary closing conditions.
Solomon Partners is serving as Steve Madden’s financial advisor, with Travers Smith and Foley & Lardner as legal advisors. BofA Securities is serving as Cinven’s financial advisor, with Freshfields as legal advisor. And Kinmont is serving as Kurt Geiger senior management’s financial advisor, with Addleshaw Goddard as legal advisor.
KEY QUOTES:
“With this acquisition, we are excited to add Kurt Geiger London, a brand that has exhibited exceptional growth over the last several years. Kurt Geiger London’s unique brand image, high-quality and statement-making styles and compelling value proposition have driven success across multiple product categories, led by handbags. 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.”
- Edward Rosenfeld, Chairman and Chief Executive Officer of Steve Madden
“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 recognizable fashion brand. It’s been gratifying to see how consumers have responded to our unique design aesthetic and strong British DNA. While we’ve delivered remarkable growth in recent years, we believe we are 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.”
- Neil Clifford, CEO of Kurt Geiger
“When I started this company in 1990, I never dreamed we would be where we are today. Owning Dolce Vita, one of the most talked about brands in America, Betsey Johnson and ATM Collection, and now being able to partner with Kurt Geiger, is one of the great accomplishments of my career. 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.”
- Steve Madden, Founder and Creative and Design Chief of Steve Madden
