The Financial Times broke news on Sunday that Sycamore Partners sold trendy British footwear retailer Kurt Geiger to Cinven for about $372 million. The private equity group is the brand’s third owner in four years.
In a statement, Cinven called the purchased a “highly attractive investment opportunity” based on Kurt Geiger’s potential for expansion, both through in-market consolidation and international growth, including a larger footprint in Asia and Australia. The firm also said the brand has strong brand equity across multiple brands and plans brand into adjacent categories like children’s footwear.
“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,” said Charles Miller-Jones, Cinven senior principal, in a statement.
Kurt Geiger has over 80 stores globally and over 170 concessions within the world’s top department stores, including a dedicated space in Harrods’ Shoe Heaven dedicated to women’s footwear. The company is headquartered in London and employs approximately 1,700 people across its three brands, Kurt Geiger London, KG, Miss KG and Carvela.
Sycamore Partners acquired the brand last year as part of its $2.2 billion deal with The Jones Group, which at the time of sale included Kurt Geiger, Stuart Weitzman and Nine West. In January, Sycamore sold Stuart Weitzman to Coach, Inc. for $574 million.