Kurt Geiger owner eyes £400m sale
Sources told Sky that a sale process was expected to begin in the coming months, with interest expected from luxury goods groups as well as other buyout firms
The private equity backers of Kurt Geiger are reportedly considering a £400m sale of the brand.
According to Sky News, Cinven, which has owned the footwear company since 2015, is now working with advisors at Bank of America on a prospective auction.
Sources told Sky that a sale process was expected to begin in the coming months, with interest expected from luxury goods groups as well as other buyout firms.
It comes as Kurt Geiger is said to be targeting significant expansion in the US through a chain of standalone stores.
In June, the brand agreed a new funding package to refinance its existing debt and support its international growth strategy.
It has already started to increase its presence overseas and currently has wholesale partnerships with leading retailers in the US, including Dillard’s and Nordstrom. The company is now looking to bolster its international arm with the new Wells Fargo Capital Finance UK and Blazehill Capital funding package.
Founded in 1963, Kurt Geiger opened its first store on London’s Bond Street and has been headquartered in the UK capital ever since. The company now has over 70 stores as well as over 170 concessions in department stores, including Harrods and Selfridges. The retailer has also expanded beyond its signature footwear offering into handbags, jewellery and sunglasses, as well as other accessories.
Cinven declined to comment.
