The American shoe brand Steve Madden has signed a British competitor to buy Kurt Geiger for $ 360 million. The agreement was concluded with a group of investors, headed by a private investment firm Cinven. The operation must be completed by the second quarter of 2025 after receiving the approval of the regulatory bodies.
According to the agreement, Steve Madden will be controlled not only by Kurt Geiger, founded in 1963 in London, but also other brands in the company's portfolio such as Kurt Geiger and Carwela. In addition, the company manages popular shoe concessions in British retail stores such as Harrods and Selfridges.
Cinven Cinven since 2015 plans to reach an annual income of about £ 400 million in 2025. Against the background of this Agreement, Steve Madden has fallen 25% after reaching their peak in October 2024.
Steve Madden will finance the purchase with borrowing and cash. Solomon Partners made a financial advisor, and Cinven worked with Bank of America Corp. and Kinmont to support the transaction.
