Kurt Geiger acquired by private equity firm Cinven
Luxury footwear retailer Kurt Geiger is to be acquired by private equity firm Cinven from Sycamore Partners for an undisclosed sum.
With headquarters in London, Kurt Geiger’s portfolio of brands includes Kurt Geiger London, KG, Miss KG and Carvela.
In a statement, Cinven said it regarded Kurt Geiger as a highly attractive investment opportunity with further opportunities for expansion through in-market consolidation, the retailer’s digitisation strategy and international growth, including a further rollout across Asia and Australia.
Maxim Crewe, partner at Cinven, said: “Kurt Geiger represents an exciting opportunity to acquire the UK’s leading women’s footwear and accessories company with significant international growth and consolidation opportunities. The business enjoys an attractive specialist retail model with multiple brands and routes to market. It is led by a strong, experienced and committed management team and we are looking forward to working with them to achieve the next phase of growth under Cinven’s ownership.”
Kurt Geiger’s management team members, led by chief executive Neil Clifford, chief financial officer Dale Christilaw, and creative director Rebecca Farrar-Hockley, will continue in their roles under Cinven’s ownership.
Clifford said: “We are delighted to be welcoming Cinven as our partners as they share our long term vision for the business. Our ambitions are significant and we believe Kurt Geiger will continue its successful track record of delivering strong growth both domestically and on the international stage.”
The retailer operates over 80 stores globally and 240 concessions in department stores such as Harrods, Selfridges, House of Fraser and Debenhams. It also operates third party concessions, owned and international franchised stores and a number of ecommerce sites.
In the year ended 31 December 2014 Kurt Geiger generated sales of £260 million.
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