Steve Madden Buys Kurt Geiger

Steve Madden (Long Island City, N.Y.), a designer and marketer of fashion footwear, accessories and apparel, said it has entered into a definitive agreement to acquire U.K.-based retailer Kurt Geiger from a group led by private equity firm Cinven for $360 million in cash.

“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.”

Said Steve Madden, Founder and Creative and Design Chief of the company bearing his name: “When I started this company in 1990, I never dreamed we would be where we are today. Owning Dolce Vita, one of the most-talked-about brands in America, Betsey Johnson and ATM Collection, and now being able to partner with Kurt Geiger, is one of the great accomplishments of my career. The brand is doing better and better every year, and the opportunity to collaborate with them is thrilling. I get goosebumps just thinking about it.”

While still an independent entity earlier this year, Kurt Geiger had announced plans to open between 50 stores in North America in the next five years, after making its initial appearance in that market late last year with a store in New York and two in Mexico.

In addition to Kurt Geiger London, Kurt Geiger’s brand portfolio includes KG Kurt Geiger and Carvela. Kurt Geiger operates 60 stores, along with footwear concessions within luxury and premium department stores in the United Kingdom, including Harrods and Selfridges, where it sells both its own and third-party brands.

The deal is expected to close in the second quarter of this year, subject to required regulatory clearance and other customary closing conditions.