Posted By Global Banking and Finance Review
Posted on February 13, 2025
(Reuters) - Shoe designer Steven Madden said on Thursday it would buy UK-based luxury brand Kurt Geiger in an all-cash deal valued at 289 million pounds ($360.09 million), expanding its presence in international markets.
The New York-based owner of brands such as Dolce Vita and Betsey Johnson will buy the company from private equity firm Cinven.
Kurt Geiger's brand portfolio includes KG Kurt Geiger and Carvela. It operates in luxury and premium department stores in the UK such as Harrods and Selfridges.
Steven Madden plans to fund the transaction, which is expected to close in the second quarter, with a combination of cash on hand and debt.
Kurt Geiger had an estimated revenue of about 400 million pounds for the 12 months ended February 1, 2025, the companies said.
Steven Madden is expected to post 2024 revenue of $2.25 billion, according to data compiled by LSEG, when it reports fourth-quarter results on February 26.
The company has outlined plans to shift product sourcing out of China to other countries after Donald Trump's election as U.S. president for a second term.
($1 = 0.8026 pounds)
(Reporting by Neil J Kanatt in Bengaluru; Editing by Sriraj Kalluvila)
