Kurt Geiger sales and earnings grow amid tough retail conditions

Kurt Geiger saw full year earnings surge 34 percent to exceed 40 million pounds, while the British brand’s sales increased 10 percent to 360 million pounds driven by rising global demand for its ‘affordable luxury’ handbags. The brand’s thriving handbag business saw sales of 115.6 million pounds during 2023.

Commenting on the company's performance and outlook, Neil Clifford, CEO of Kurt Geiger, said: “Our brand has a unique design aesthetic – fun, colourful and instantly recognisable. That, combined with a strong British DNA and an incredible value proposition – we’ve filled a white space with bold, maximalist silhouettes at an affordable price point.”

The brand’s holiday season sales rose 15 percent to 45 million pounds during December 2023 alone. The company opened eight new stores in the UK during the year, led by Kurt Geiger’s 3000 sq. ft. global flagship on Oxford Street, London. The label also has a strong presence in global department stores including Bloomingdales and Nordstrom in the US, Harrods and Selfridges in the UK, and France’s Galeries Lafayette.

The company said in a statement that the fashion business founded in London in 1963 is also becoming one of the fastest-growing brands in North America, with the US having quickly become its largest market. From 2018, gross sales in North America have grown from 2.5 million pounds to 255 million pounds in 2024. Kurt Geiger’s US website almost doubled revenues to 29 million pounds in the year to February 2024.

In the last five months turnover has grown by 104 percent in America alone. The label is now expanding its retail footprint across the US, having opened its first store in Orlando in May, with three new store openings planned this fall - in New York, Los Angeles, and San Diego. The brand targets 50 American stores in the coming years.

The company added that trading since the year end has seen growth strengthen further, with Kurt Geiger’s brand sales growing by 35 percent between February and June 2024 globally. Denim products across both handbags and footwear were some of the most popular, buoyed by demand for western and Americana themed products.

“2024 is on track to smash all of our most ambitious predictions – with our global footprint growing exponentially, driven by handbags... now our largest product category in all markets. Not bad for an independent British brand, operating against a pretty tough economic backdrop,” added Clifford.

On the product side, Kurt Geiger is all set to unveil a new campaign for FW24 starring Emily Ratajkowski for its latest Chelsea collection, named after the West London area where London’s fashion scene was established in the Sixties on the King’s Road.

The brand is endorsed by a bevy of celebrity fans including Kylie Jenner, Julia Roberts, Jennifer Lopez, Viola Davis, Eva Longoria, Paris Hilton, and Afiya Bennett.

Kurt Geiger has been owned by London-based private equity firm Cinven and the management team since 2015.