By Dean Seal
Footwear maker Steven Madden has agreed to acquire the U.K.-based Kurt Geiger in a deal with an enterprise value of 289 million pounds ($360.4 million).
The company said Thursday that it was buying Kurt Geiger from a group led by private equity firm Cinven. Chief Executive Edward Rosenfeld said the Kurt Geiger London brand has shown exceptional growth in recent years across multiple product categories, particularly handbags.
The Kurt Geiger brand portfolio also includes KG Kurt Geiger and Carvela. The company had about 400 million pounds of revenue during the 12 months ended Feb. 1.
The board of Steven Madden has unanimously approved the deal, which is expected to close in the second quarter. The company will fund the transaction with a mix of debt and cash on hand.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 13, 2025 09:35 ET (14:35 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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