Jones Group acquires British shoe retailer Kurt Geiger for $352 million
03 Jun 2011
The Jones Group Inc, a US-based designer and marketer of branded shoes, clothing and accessories, yesterday acquired upscale British shoe retailer Kurt Geiger from private equity firm Graphite Capital, for $352 million (£215 million).
The deal comes just a few days after Labelux, the German luxury-goods company and owner of Bally shoes, acquired British luxury shoemaker Jimmy Choo, for over £500 million ($811 million) from private equity firm TowerBrook Capital Partners. (See: Germany's Labelux buys upscale shoemaker Jimmy Choo for $811 million)
Kurt Geiger, Europe's largest luxury shoe retailer, was founded in 1965 by entrepreneur Kurt Geiger by opening his first stores on Sloane Street and Bond Street in London.
Kurt Geiger distributes owned brands, including Kurt Geiger, Carvela and KG, and licensed brands, including Nine West, French Connection and Lipsy, in 49 company-operated retail locations and department stores. In addition, Kurt Geiger operates 156 multi-branded shoe concessions in 14 major department store groups including Harrods, Selfridges, House of Fraser and La Rinascente.
It also has a substantial presence in the Middle East, including stores across Dubai, Bahrain and Qatar, Russia and Turkey.
Graphite Capital had acquired Kurt Geiger in a management buy-out in 2008 for around £95 million. The shoemaker had sales of around $332 million for the year ended 30 April.
