According to Sky News, Cinven is working with advisers at the Bank of America on a potential auction of Kurt Geiger. The report suggests the sale is expected to start in the next few months, with luxury goods groups expected to be interested in purchasing the brand.
GlobalData apparel analyst Louise Deglise-Favre tells Just Style exclusively Kurt Geiger would be an attractive purchase thanks to its recent progress in the US.
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She explains: “Kurt Geiger seems to have had a successful couple of years, with revenue and profits growing steadily all the while embarking on a fruitful US expansion which has become its largest market.
“Due to its stability and recent success in the US, Kurt Geiger is an attractive brand on the market and auctioning it is an opportunity for Cinven to capitalise on its success, as the brand will likely sell for a high price.”
Cinven has owned Kurt Geiger since 2015, when it purchased the brand from Sycamore Partners for an undisclosed sum. It was said to be the largest luxury footwear retailer in Europe, with around 1,700 employees and more than 80 stores globally.
At the time, Maxim Crewe, partner at Cinven, said: “Kurt Geiger represents an exciting opportunity to acquire the UK’s leading women’s footwear and accessories company with significant international growth and consolidation opportunities. The business enjoys an attractive specialist retail model with multiple brands and routes to market. It is led by a strong, experienced and committed management team and we are looking forward to working with them to achieve the next phase of growth under Cinven’s ownership.”
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By GlobalDataKurt Geiger has a portfolio of footwear and accessory brands including Kurt Geiger London, KG, Miss KG and Carvela.
Cinven declined to comment on the rumoured sale when approached by Just Style.
