Buoyant Kurt Geiger Preparing for £400 Million Sale: Potential Buyers Eyeing the Iconic Footwear Retailer
In an exciting development, Kurt Geiger, the renowned footwear retailer, is set to be sold by its current private equity owners, according to a report released on Wednesday. The estimated purchase price for the sale is a staggering £400 million. Insider sources have revealed that Cinven, the incumbent owner, is teaming up with Bank of America to organize an auction for the business. This much-anticipated process is poised to kick off in the coming months, and industry experts predict that both luxury goods groups and buyout companies will express keen interest in acquiring Kurt Geiger.
Having taken over the sixty-year-old business in 2015, Cinven has witnessed remarkable growth under its stewardship. Kurt Geiger’s expansion has been visible not only in its domestic market in the UK but also in its targeted international markets, with a particular focus on the vibrant US market.
Although none of the involved parties have officially commented on the report, a sale appears to be a rational move for Cinven, given Kurt Geiger’s recent outstanding financial performance. The company has rebounded impressively from the disruptive effects of the pandemic, as evidenced in its most recent financial filings. Additionally, earlier this year, Kurt Geiger secured around £150 million in funding, which would provide crucial support for its ongoing expansion plans. This strategic move seems prudent, given the substantial growth of Kurt Geiger’s UK sales over the past year and its remarkable 236% increase in turnover in North America. Evidently eyeing global domination, Kurt Geiger has been working diligently to strengthen its presence in both the European and American markets. The recent opening of its expansive flagship store on Oxford Street, located in London’s bustling West End, underscores the company’s dedication to its UK market while pursuing international growth.
As the process for selling Kurt Geiger gains momentum in the coming months, industry insiders eagerly await news of which luxury goods groups or buyout companies will be vying to acquire this reputable footwear retailer. With its strong financial performance and successful expansion endeavors, Kurt Geiger represents a highly attractive investment opportunity for potential buyers seeking to enter or reinforce their presence in the ever-growing footwear market.
