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Kurt Geiger faces ownership change

Premium footwear retailer Kurt Geiger may soon be under new ownership if plans to break up its American parent company, Jones Group, come to fruition.

Jones acquired Kurt Geiger in 2011 in a deal worth £215m and at the time stated it would “serve as its hub in Europe”.

Since the summer, investors in the US have been pressing for the break-up of the company which designs and sells clothing, footwear and accessories for both wholesale and retail markets.

The sprawling group runs 38 brands including Nine West and Anne Klein. It had total sales of $3.7bn (£2.3bn) in 2012 but made only $192.5m (£120.5m) EBITDA.

A British footwear source with extensive knowledge of the US situation told Drapers that Jones would probably split the footwear operations from the clothing division rather than sell o brands piecemeal, as this would be a more profitable strategy.

UK sources believe it is unlikely that Kurt Geiger chief executive Neil Clifford and his management team would wish to buy the business back. Clifford could not be contacted for comment.

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