Cinven, the private equity group, has bought Kurt Geiger, the largest retailer of luxury footwear in Europe, in a deal worth £245m.
Kurt Geiger, founded on London’s Bond Street in 1963, makes £30m-plus in profits annually on sales of around £260m. Its shoes and boots are regularly worn by celebrities such as the singer Rihanna.
Cinven has had stakes in a number of well-known UK companies, including Allied Carpets, Fitness First, Gala Coral, Spire Healthcare, William Hill and United Biscuits. It has bought the business from the US private equity group, Sycamore Partners.
“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,” said Maxim Crewe, a partner at Cinven.
Kurt Geiger’s management team, led by chief executive Neil Clifford, will be staying on after the deal. Clifford said: “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.”
Earlier this month another shoe chain, the Office Retail Group, was bought by the South African retailer Truworths for £256m.
Cinven sees significant expansion opportunities, especially in digital and international markets where it has been building a presence. It also says that the UK footwear market, currently worth £8bn a year, is forecast to grow by 3% annually. It is also eyeing up the children’s footwear market.
Kurt Geiger was bought by Jones Group, a US fashion group, in 2011, which was then acquired by Sycamore after running up losses.
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