US company Steve Madden has announced that it will acquire fellow footwear and accessories brand Kurt Geiger for around £289 million in cash.

Steve Madden said the move comes as Kurt Geiger undergoes rapid growth, with an estimated revenue of approximately £400 million for the 12 months ended February 1, 2025.

Kurt Geiger, which is currently owned by international private equity firm Cinven, currently has around 70 stores across the US and the UK.

The British fashion brand also has around 950 points of distribution around the world, including footwear concessions within luxury and premium department stores such as Harrods and Selfridges.

The company owns several brand names including Carvela, Kurt Geiger London and KG Kurt Geiger.

The board of directors of Steve Madden has unanimously approved the transaction and the company said it intends to fund the transaction with a combination of committed debt financing and cash on hand.

The transaction is anticipated to close in the second quarter of 2025, subject to the receipt of required regulatory clearance.

“Kurt Geiger London’s unique brand image, high-quality and statement-making styles and compelling value proposition have driven success across multiple product categories, led by handbags,” said Edward Rosenfeld, chairman and chief executive of Steve Madden. “Its differentiated and elevated positioning within the market – and its alignment with our strategic initiatives of expanding in international markets, accessories categories and direct-to-consumer channels – make this a highly attractive and complementary addition to our portfolio.”

---