Kurt Geiger acquired by Cinven in £245m deal

For the third time in four years, London-based footwear retailer Kurt Geiger is to get a new owner.

Private equity group Cinven has acquired the shoe company for £245m from Sycamore Partners.

Kurt Geiger, which was founded in 1963 on London’s Bond Street, operates 80 stores worldwide and 240 concessions in a vareity of department stores including Harrods and Selfridges.

The high-end retailer was bought by US company Jones Group in 2011. However, the group was struggling financially and in April last year, Sycamore Partners bought Kurt Geiger for £1.4bn.

Kurt Geiger, which is a popular brand among celebrities, employs over 1,700 people and generated sales of £260m in 2014.

Maxim Crewe, Partner at Cinven, commented: “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.”

Charles Miller-Jones, Senior Principal at Cinven, added: “Kurt Geiger has delivered strong growth through the cycle, whilst enjoying high cash conversion. Working together with management, we see real potential to develop further the omni-channel offering, as well as expand the business internationally.”

Neil Clifford, Chief Executive at Kurt Geiger who is expected to remain with the retailer, also 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”.

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.