International private equity firm, Cinven, today announces it has agreed to sell Kurt Geiger (‘the Company’), the global footwear, handbag and accessories brand, to Steve Madden.

In 1963, Kurt Geiger opened its first store on London’s Bond Street. Today the Company operates a diverse omni-channel distribution approach, with more than 70 stores across the UK and US, and has a presence in each of Europe, the Middle East and Asia. In addition to its own stores, KG sells through a wholesale footprint in leading luxury US department stores, a concessions footprint in luxury UK department stores, a number of international franchise stores and a strong e-commerce presence on both its own and third-party partner websites. The Company operates through three brands: Kurt Geiger London, KG Kurt Geiger and Carvela. Kurt Geiger London, the group’s halo brand, is created by its in-house design team and has developed a distinctive identity, inspired by the energy of its home city. The product range spans shoes, handbags, and accessories – including swimwear, sunglasses, belts, and hats – all designed to reflect the brand’s bold creativity, bringing the city’s spirit to life for a global audience.  

Since the investment by the Cinven funds, Cinven’s Consumer Sector team has partnered closely with Kurt Geiger’s management team to execute an ambitious business transformation, including a digital acceleration strategy to drive online sales and an internationalisation strategy that has repositioned the Company from a UK-focused footwear business into a global accessory lifestyle brand.

Key initiatives included:

  • International expansion. Scaling in the US, Mexico and Europe; KG now has more than 950 points of distribution internationally. The brand’s resonance with North American consumers underpinned successful expansion into the US, scaling from £10m to £140m net turnover in the last 4 years;
  • Accelerated digitisation. Growth in e-commerce channels by over 3.5x in the last 4 years to comprise more than 30% of net turnover today. This was on the back of increasing traction of direct to consumer (DTC) websites and wholesale, particularly in the US. Cinven supported a deliberate omni-channel strategy to utilise the brand awareness from the combination of digital and brick-and-mortar retail channels;
  • Diversified product offering. From its origins as a quality footwear retailer, Kurt Geiger transformed to a multi-product model, accelerating since 2020. It now has an attractive product offering with a primary focus on handbags, and significant further potential in other accessory ranges;
  • Supporting the business through COVID-19. Working in close partnership with management to navigate pressure on stores, supporting employees and the business to become more agile, more global and better prepared for the future post-COVID;
  • Curating a sustainability strategy. Cinven defined a multi-pronged sustainability strategy that included a deep-dive review of the supply chain, and diversification initiatives; and
  • Kindness Foundation. Supporting management in establishing the Kurt Geiger Kindness Foundation, a non-profit organisation dedicated to driving positive change to foster a more inclusive and diverse creative industry.  

Commenting on the investment, Maxim Crewe, Partner and Head of Cinven’s Consumer and Financial Services Sector teams, stated:

“We are proud of the journey we have taken with Kurt Geiger. Leveraging Cinven’s experience in the consumer sector, we have worked closely with Neil and the entire management team to implement new ideas and strategies that have strengthened the business. From launching into new product verticals and enhancing the digital platform, to capitalising on global opportunities in the US, alongside the excellent work of the Kurt Geiger Foundation, we believe the brand is positioned for long-term success. It has been a privilege to support such an iconic company, and we look forward to seeing the brand continue to thrive in its next chapter.”

Olivier Cassat, Senior Principal, and Carol Yu, Principal, at Cinven added:

“It has been a pleasure to work with such a passionate management team and support Kurt Geiger in its growth journey. We believe the new owners bring complementary expertise and industry understanding to further accelerate its success. We look forward to seeing Kurt Geiger flourish in the years ahead.”

Neil Clifford, Chief Executive Officer of Kurt Geiger, commented:

“We are incredibly grateful to Cinven for their support and partnership. Their experience and expertise have been instrumental in creating value for Kurt Geiger, helping us to transform and strengthen the business. We have successfully implemented new strategies and broadened our product offering, all whilst staying true to our brand identity. As we step into this next exciting phase, we do so with a strong foundation.”

The transaction is subject to regulatory approvals and other customary closing conditions.