- Angela Gonzalez-Rodriguez |
Kurt Geiger has changed hands yet again. Until now owner Sycamore Partners has announced it has sold the British biggest shoe retailer by sales to European private equity firm Cinven. The price tag was 245 million pounds.
As recalled by the ‘Financial Times’, this is the third owner for the show brand in the past four years. In fact, this sale is nothing but another step in the partition of Jones Group, owned by Sycamore Partners.
It is worth remembering that Jones Group acquired Kurt Geiger in 2011. Due to the group´s increasing losses, they were put up for sale, with the US private equity firm buying them out in March 2014 for an enterprise value of 2.2 billion pounds.
Since then, Sycamore has split the group up, selling off Stuart Weitzman brand first. The woman’s high end brand was acquired earlier this year by Coach.
Sources close to the deal quoted by the ‘FT’ advance that an announcement is likely on Monday. Same sources highlight that Kurt Geiger is being acquired on a multiple of 8.2 times last year’s earnings. The retailer recorded 260 million pounds in sales in 2014.
Kurt Geiger was founded in 1963 on London’s Bond Street and now operates in 80 countries and employs 1,700 people. It also operates the shoe concessions of a number of department stores, including Harrods, House of Fraser and Selfridges.