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Kurt Geiger sold to Cinven

Kurt Geiger has been sold to European private equity group Cinven for an undisclosed sum.

Chief executive Neil Clifford, creative director Rebecca Farrar-Hockley and chief financial officer Dale Christilaw will remain in place under the new ownership.

Cinven, whose previous investments have included Fitness First and Pizza Express, edged ahead of rival bidders including Lion Capital, a former owner of Jimmy Choo.

Kurt Geiger has more than 70 stores in the UK and overseas and over 170 concessions in department stores around the world.

The footwear retailer increased turnover by 15.4% to £251.8m for the year ended December 31, 2014, while operating profit increased 277.8% to £11.2m. Gross profit was up 15% to £133m for the period and EBITDA increased 42% to £21.3m.

Cinven is Kurt Geiger’s third owner in four years after the company completed a management buyout in April 2014.

This year, the business entered the kids’ footwear market for the first time with a multi- and own-brand offering. The firm signed up more than 20 new brands and launched the new venture during the summer in Harrods and Selfridges, where it already operates the adult footwear departments.

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