Steve Madden to acquire Kurt Geiger for $360 million
Steve Madden has gone across the pond to enter the global luxury footwear and handbag market.
The Long Island, N.Y.-based footwear and accessories brand, whose brands include Steve Madden, Dolce Vita and Betsey Johnson, has entered into an agreement to acquire U.K.-based luxury brand Kurt Geiger from private equity firm Cinven. The deal is valued at approximately £289 million ($360 million in current exchange rates) in cash.
“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,” said Edward Rosenfeld, chairman and CEO of Steve Madden. “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.”
The deal comes as Kurt Geiger has been growing its presence in global markets. Earlier this year, the company said it was planning to expand its presence in North America, opening 50 stores during the next five years.
In addition to Kurt Geiger London, Kurt Geiger’s brand portfolio includes KG Kurt Geiger and Carvela. The company currently operates over 60 stores and 15 boutiques worldwide. It also operates footwear concessions in department stores in the U.K., including Harrods and Selfridges, where it sells both its own and third-party brands.
“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,” said Kurt Geiger CEO Neil Clifford. “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 a release, Steve Madden, who started Steve Madden in 1990 and now serves as the company's creative and design chief, said the ability to partner with Kurt Geiger is "one of the great accomplishments" of his career.
"The brand is doing better and better every year, and the opportunity to collaborate with them is thrilling," Madden stated. "I get goosebumps just thinking about it.”
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.
Advisors
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 serving as Cinven’s financial advisor, with Freshfields LLP as legal advisor.
Kinmont is serving as Kurt Geiger senior management’s financial advisor, with Addleshaw Goddard LLP as legal advisor.
