Steve Madden has definitively agreed to acquire UK-based Kurt Geiger from a group led by international private equity firm Cinven for an enterprise value of approximately £289 million in cash. The Board of Directors of Steve Madden has unanimously approved the transaction.
Steve Madden said it intends to fund the transaction with committed debt financing and cash on hand. The transaction is anticipated to close in the second quarter of 2025, subject to the receipt of required regulatory clearance and other customary closing conditions.
“With this acquisition, we are excited to add Kurt Geiger London, a brand that has exhibited exceptional growth over the last several years,” commented Edward Rosenfeld, chairman and CEO, Steve Madden. “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.”
Neil Clifford, CEO of Kurt Geiger, added, “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.”
In addition to Kurt Geiger London, Kurt Geiger’s brand portfolio includes KG Kurt Geiger and Carvela. Kurt Geiger also operates footwear concessions within luxury and premium department stores in the UK, including Harrods and Selfridges, where it sells its own and third-party brands.
For the twelve months ended February 1, 2025, Kurt Geiger had estimated revenue of approximately £400 million.
Solomon Partners, L.P. is serving as Steve Madden’s financial advisor, with Travers Smith LLP and Foley & Lardner LLP as legal advisors. BofA Securities is Cinven’s financial advisor, and Freshfields LLP as legal advisor. Kinmont is serving as Kurt Geiger’s senior management’s financial advisor, and Addleshaw Goddard LLP is the legal advisor.
Image courtesy Kurt Geiger
