Cinven acquires UK's Kurt Geiger
Cinven did not reveal how much it paid for the brand, which has over 80 stores and 240 concessions globally. In the year ended 31 December 2014, Kurt Geiger generated sales of £260m and Cinven said its a "highly attractive investment opportunity."
Among other things, this is due to Kurt Geiger's further expansion opportunities, proven track record of consistent growth, and the growing UK footwear market.
Maxim Crewe, Partner at Cinven, commented: “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.”
Neil Clifford, Chief Executive at Kurt Geiger, said: “We are delighted to be welcoming Cinven as our partners as they share our long term vision for the business. Our ambitions are significant and we believe Kurt Geiger will continue its successful track record of delivering strong growth both domestically and on the international stage”.
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