Steve Madden has entered a definitive agreement to purchase UK-based Kurt Geiger footwear and accessories brand for £289 million ($364.1 million) in cash from a group led by private equity firm Cinven. Kurt Geiger is on an expansion path in North America; the company opened its fourth U.S. store last month, with another five in development and plans to eventually operate 50 locations in the region.
The acquisition includes the Kurt Geiger London, KG Kurt Geiger and Carvela brands. Additionally, Kurt Geiger operates footwear concessions inside luxury and premium department stores in the UK, including Harrods and Selfridges, where it sells both its own and third-party brands. For the 12 months that ended Feb. 1, 2025, Kurt Geiger generated estimated revenues of £400 million ($504 million).
“Kurt Geiger London has exhibited exceptional growth over the last several years,” said Edward Rosenfeld, Chairman and CEO of Steve Madden in a statement. “Its unique brand image, high-quality and statement-making styles, and compelling value proposition have driven success across multiple product categories, led by handbags. 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.”
“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 Neil Clifford, CEO of Kurt Geiger in a statement. “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.”
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The Steve Madden board of directors has unanimously approved the transaction, which the company plans to fund with a combination of committed debt financing and cash on hand. The acquisition is expected to close in Q2 2025, subject to customary closing conditions.
In October 2023 Steve Madden completed its acquisition of the privately held women’s fashion label Almost Famous, and in June 2022 Steve Madden deployed a new order management system from HotWax Commerce.
