In a noteworthy development, renowned footwear retailer Kurt Geiger is gearing up for a major transition, with reports suggesting a sale with an estimated price tag of around £400 million. This move is orchestrated by its private equity owners and carries significant implications for the brand’s future.
According to an exclusive report from Sky News, Cinven, in collaboration with Bank of America, is in the early stages of organizing an auction for Kurt Geiger. This strategic maneuver is anticipated to garner interest from both luxury goods conglomerates and prominent buyout firms.
Having steered the ship since 2015, Cinven has overseen Kurt Geiger’s impressive expansion, not only within the UK but also on the global stage, with a primary focus on the United States.
While official comments are yet to surface, the potential sale aligns seamlessly with the brand’s recent stellar financial performance, buoyed by its resilience in the face of pandemic disruptions.
In their most recent financial report, Kurt Geiger bounced back robustly, and earlier this year secured a substantial funding deal, reportedly valued at £150 million. This financial infusion bolsters their ambitious expansion plans and is particularly well-timed given the remarkable growth figures. While UK sales have surged, the brand’s presence in North America has seen a staggering 236% increase in turnover.
With recent expansions in both the United States and Europe, the newly acquired funding will fuel the brand’s continued growth initiatives. Notably, they’ve also remained committed to their roots, exemplified by the recent opening of a flagship store on the revitalized Oxford Street, a prime location in London’s bustling West End.
As Kurt Geiger embarks on this exciting phase of its journey, there’s no doubt that its remarkable story will continue to captivate the footwear industry.
