We always had dreams of the US, entering into the biggest commercial market in the world. Cinven gave us the confidence to change our business strategy. We doubled down on digital growth, expanded internationally and focused on kindness.

Neil Clifford, CEO, Kurt Geiger

This video was recorded in September 2024. Cinven announced the agreement to sell Kurt Geiger to Steve Madden in February 2025. Read the press release.

During its ownership period, Cinven developed a close working relationship with the footwear and accessories brand’s management team, as we do with all our funds’ portfolio companies. Our consumer team used its expertise to help drive strategic transformation across brand, category, country and channel, and develop an effective environmental, social and governance (ESG) framework – all designed to drive growth and performance.

The relationship started before Cinven had even pitched to acquire Kurt Geiger. When we began gathering information and getting to know the numbers, we also ensured we got to know management. Once the acquisition completed in early 2016, we already understood the company’s strengths and weaknesses and were able to assign the right Cinven team from day one.

Expanding the footprint

First we helped management to build the Kurt Geiger London brand DNA.

Carol Yu, Principal, Cinven

“We focused on creating and curating an iconic product aesthetic that elevated brand perception and price point into the affordable luxury category.” Our consumer team then helped management diversify the brand’s product lines beyond footwear, adding accessories and handbags, which now account for over 50 per cent of own brand sales, up from 25 per cent in January 2020.

We also saw great potential in online sales. When its stores closed in March 2020 due to lockdown, Kurt Geiger started work on refreshing its five direct-to-consumer websites for the UK, US, worldwide and the KG and Carvela brands. At the same time, we advised the company to take the bold decision to exit some less profitable third-party channels and shift sales to its own websites.

By January 2024, digital sales represented close to 30 per cent of own brand net sales, helping to deliver 1.8 million direct customers, compared with 600,000 pre-pandemic. In 2024, digital sales also became more profitable than sales at bricks-and-mortar stores for the first time, demonstrating the success of this strategic shift.

Stepping up global growth

In 2016, Kurt Geiger’s image and stores were heavily London-focused. Together with management, we quickly realised the potential for its products and distinctive aesthetic in North America. Management established partnerships with three luxury department stores’ [online platforms] – Dillard’s, Bloomingdale’s and Nordstrom – to complement its US website. “The brand really resonated with the Latin and Hispanic population,” explains Yu. Business in the US has rocketed from seven per cent of total Kurt Geiger London brand revenue in 2020 to over 60 per cent in January 2024. Today, Kurt Geiger’s international business exceeds that of the UK.

But building customer relationships through its own-brand bricks-and-mortar stores remains a critical part of Kurt Geiger’s business. In September 2023, it opened a new flagship store on London’s Oxford Street and has 30-40 stores planned in North America and three in Mexico over the next five years. The company is also testing the European market with a pop-up at Paris department store, Galeries Lafayette, that opened in March 2024.

Kind by Design

When Cinven invested in Kurt Geiger, we identified three ways to create value – digital and international expansion and, just as important for the bottom line, ESG. From the start, we’ve supported the company’s mission to empower people through kindness.

On 23 March 2020, the first day of lockdown, Kurt Geiger escalated its Kind by Design initiative. It began giving away handbags and 150,000 pairs of shoes to key workers across the UK, marking the start of a new ESG strategy. Its Kindness Foundation has since offered 300,000 disadvantaged young people internships, sponsorship, training and opportunities in the creative industries, opening up career paths that would otherwise have remained closed to them. The Kindness Foundation is heavily promoted alongside the Kurt Geiger brand across different channels to maximise its reach.

The power of partnership

“For Cinven, working with Kurt Geiger isn’t about selling shoes at the maximum price. It’s about empowering the brands to be faithful to their mission and help them on their value-creation journey,” says Yu.

We had taken the time to get to know Kurt Geiger and understand the business. From that grew mutual trust, meaning important conversations were constructive, not confrontational. Together, we knew more and were stronger.

Today, Kurt Geiger’s sales and profits are back to pre-Covid levels with a clear plan for continued growth. We were delighted to agree the sale of the business to Steve Madden in February 2025 – a great buyer who represents a fantastic home for Kurt Geiger and the management team.