Kurt Geiger funding deal to boost Euope, US expansion
Kurt Geiger plans to continue its international expansion having secured a new funding package that has seen it refinancing its debt. The premium-to-luxury footwear and accessories retailer is owned by private equity firm Cinven and operates over 70 standalone stores as well as 100+ concessions.
Having added to its presence in Europe and the US in recent years, its new cash — with the deal reportedly worth around £150 million — will allow it to continue this process. CEO Neil Clifford has said that it wants the international business to eventually be as big as its UK operations.
The company has seen sales rising fast with turnover up almost 22% to over £234 million in the year to end of January and net profits of £7.3 million. In that period, its UK growth was an impressive 71%, but in North America it leapt ahead by 236%. It has wholesale deals with Dillard’s and Nordstrom
The company celebrates its 60th anniversary this year having grown from a shop its eponymous founder opened on London’s Bond Street in 1963 to one of the UK’s biggest higher-end names. As well as its own stores, its shoe concessions in department stores — including spaces in Harrods and Selfridges — make it a key player in the luxury segment.
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