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Steve Madden To Acquire Luxury Footwear And Fashion Accessory Brand Kurt Geiger
Steve Madden announced today that it has entered into a definitive agreement to acquire UK-based luxury footwear and fashion accessory brand Kurt Geiger from a group led by international private equity firm Cinven for an enterprise value of approximately £289 million in cash.
The Board of Directors of Steve Madden has approved the transaction. Steve Madden intends to fund the transaction with committed debt financing and cash. It is anticipated to close in the second quarter of 2025, subject to the receipt of required regulatory clearance and other customary closing conditions.
“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,” said Edward Rosenfeld, Chairman and CEO of Steve Madden.
“Its alignment with our strategic initiatives of expanding in international markets, accessories categories and direct-to-consumer channels make this a highly attractive addition to our portfolio.”
Kurt Geiger, founded in 1963, was acquired by Cinven about a decade ago. In addition to Kurt Geiger London, Kurt Geiger’s brand portfolio includes KG Kurt Geiger and Carvela. It operates footwear concessions in Harrods and Selfridges in the UK. The company had about £400 million of estimated revenue for the year ended Feb. 1, 2025,.
“It’s been gratifying to see how consumers have responded to our unique design aesthetic and strong British DNA,” said Neil Clifford, CEO of Kurt Geiger. “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, commented, “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… I get goosebumps just thinking about it.”
About Steve Madden
What began as an $1100 investment by a University of Miami dropout, selling shoes out of the trunk of his car in Long Island, developed into one of the most iconic brands that revolutionised the footwear industry. The edgy designs were inspired by the designer’s New York roots and rock ‘n’ roll. From a modest production house in Queens, NY, Steve Madden Ltd. was incorporated in New York on July 9, 1990 and reincorporated under the same name in Delaware in November 1998. Since, Steve Madden built his brand into a publicly traded company.
Today, Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel. In addition to marketing products under its own brands including Steve Madden®, Dolce Vita®, Betsey Johnson®, Blondo® and ATM®, Steve Madden licenses footwear, handbags and certain accessories for the Anne Klein® brand. In addition, Steve Madden designs and sources products under private label brand names for various retailers.
Well Steve Madden has a nugget of wisdom- per Teen Vogue: “I think that- early on- a lot of designers are very self-indulgent and they should be aware of self-indulgence. Designing shoes that you like? I don’t think that’s that interesting. I think it’s more interesting to design for the person that you’re designing for. You have someone in mind and that’s real talent. Like- if you were a chef- you would be making food that people like. Forge your own path.”
Steve Madden’s wholesale distribution includes department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent stores. Steve Madden operates retail stores and e-commerce websites. In addition, Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products in the apparel, accessory and home categories.
