Steven Madden Acquires Kurt Geiger in £289 Million Deal
New York, US - Steven Madden, Ltd. (NYSE: SHOO), a leading footwear designer, today announced the acquisition of Kurt Geiger, a luxury British footwear and accessories brand, for £289 million ($360.09 million) in an all-cash transaction.
The acquisition strengthens Steven Madden's presence in international markets and expands its brand portfolio, which includes Dolce Vita and Betsey Johnson. Kurt Geiger operates in luxury and premium department stores across the UK, including Harrods and Selfridges, and owns renowned brands like KG Kurt Geiger and Carvela.
For the 12-month period ending February 1, 2025, Kurt Geiger generated approximately £400 million in revenue. The acquisition is expected to close in Q2 2023 and be funded through a combination of cash on hand and debt.
Steven Madden projects revenue of $2.25 billion for 2024, as per LSEG data. The company plans to diversify its product sourcing beyond China following the re-election of Donald Trump as US President.
With this acquisition, Steven Madden aims to capitalize on the growing global demand for luxury footwear and accessories. The combined entity will offer a wider range of products, cater to a broader customer base, and enhance its competitive advantage in the fashion industry.