Steve Madden, a leading designer and marketer of fashion footwear, accessories, and apparel, has announced a definitive agreement to acquire UK-based Kurt Geiger from a group led by international private equity firm Cinven. The deal, valued at approximately £289 million (about $517 million Canadian) in cash, marks a significant expansion for Steve Madden into the European market.
Edward Rosenfeld, Chairman and Chief Executive Officer of Steve Madden, expressed enthusiasm for the acquisition: “With this acquisition, we are excited to add Kurt Geiger London, a brand that has exhibited exceptional growth over the last several years. Kurt Geiger London’s 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.”
Neil Clifford, CEO of Kurt Geiger, shared his perspective on the deal, emphasizing the brand’s evolution: “We couldn’t be prouder of the progress our team has made over the last few years in building Kurt Geiger London into a globally recognizable fashion brand. It’s been gratifying to see how consumers have responded to our unique design aesthetic and strong British DNA. 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. 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.”
Steve Madden, Founder and Creative and Design Chief of Steve Madden, reflected on the company’s growth and the significance of the acquisition: “When I started this company in 1990, I never dreamed we would be where we are today. Owning Dolce Vita, one of the most talked-about brands in America, Betsey Johnson, and ATM Collection, and now being able to partner with Kurt Geiger, is one of the great accomplishments of my career. The brand is doing better and better every year, and the opportunity to collaborate with them is thrilling. I get goosebumps just thinking about it.”
Kurt Geiger’s brand portfolio includes Kurt Geiger London, KG Kurt Geiger, and Carvela. Additionally, the company operates footwear concessions within luxury and premium department stores across the United Kingdom, including Harrods and Selfridges, offering both in-house and third-party brands. For the 12 months ending February 1, 2025, Kurt Geiger reported estimated revenue of approximately £400 million (about $715.6 million in Canadian dollars).
Transaction Details
The Steve Madden Board of Directors has unanimously approved the transaction, which is expected to be funded through a combination of committed debt financing and cash on hand. The acquisition is anticipated to close in the second quarter of 2025, pending regulatory approval and other customary closing conditions.
Advisors
Solomon Partners, L.P. is serving as Steve Madden’s financial advisor, with Travers Smith LLP and Foley & Lardner LLP as legal advisors. BofA Securities is advising Cinven, with Freshfields LLP as its legal counsel. Kinmont is serving as the financial advisor for Kurt Geiger senior management, with Addleshaw Goddard LLP as legal advisor.
About Steve Madden
Steve Madden designs, sources, and markets fashion-forward footwear, accessories, and apparel under its brands, including Steve Madden®, Dolce Vita®, Betsey Johnson®, Blondo®, and ATM®. The company also licenses footwear, handbags, and accessories for Anne Klein® and designs private label products for major retailers. Steve Madden distributes its products through department stores, mass merchants, off-price retailers, shoe chains, online platforms, and its owned retail stores and e-commerce sites.
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