Kurt Geiger is sold to US retail group for £215m
US designer and marketer The Jones Group yesterday bought upscale shoe retailer Kurt Geiger for £215m, giving it a foothold in the European retail market.
Kurt Geiger, which has been majority owned by private equity house Graphite Capital since a management buyout in 2008, had sales of £205m in the year to April 2011.
It has grown rapidly since the buyout from an own-brand retailer to a multi-channel distributer with concessions in department stores, and distribution agreements with brands such as Gucci and UGG.
The brand’s relationship with The Jones Group began in 2009 when it signed a licensing agreement to sell the company’s Nine West brand shoes in the UK.
“Kurt Geiger is one of the few private equity-backed retail companies that has managed to expand internationally in the past few years,” Graphite Capital’s Marcus Gosler told City A.M.
“We knew the buyer through a long-standing trading relationship, so it was an obvious fit.”
Kurt Geiger’ management team will stay in place, with Neil Clifford continuing as the brand’s chief executive.
MEET THE ADVISERS
MARTIN BOWEN
SJ BERWIN
SJ BERWIN partner Martin Bowen led the legal team advising Graphite Capital on the sale, having worked with the firm on its buyout of Kurt Geiger in 2008.
He has a strong track record in private equity and management buyouts, and also worked for Hermes and other shareholders of Walbrook Group Limited on its disposal to Barclays Wealth Management.
Graphite also sought legal advice from Addleshaw Goddard, and was advised on tax matters by Andy Smith at PricewaterhouseCoopers.