Steve Madden, the fashion boss best known for his links to the criminal antics depicted in the book and film The Wolf of Wall Street, is buying the UK footwear and accessories brand Kurt Geiger for £289m in cash.
Kurt Geiger, which began as an upmarket footwear store on Bond Street in London in 1963 and was once part of the former Harrods owner Mohamed Al Fayed’s retail empire, has expanded into handbags, swimwear, hats and sunglasses in recent years and has grown internationally, building its US sales from £10m to £140m in the last four years.
Neil Clifford, the chief executive of Kurt Geiger, said: “We couldn’t be prouder of the progress our team has made over the last few years in building Kurt Geiger London into a globally recognisable fashion brand.
Madden’s Nasdaq-listed company said it had signed a definitive agreement to buy the London-based company, which also owns Carvela, from a group led by Cinven, the private equity firm that bought Kurt Geiger for £245m in 2015.
Steve Madden said buying Kurt Geiger was “one of the great accomplishments” of his career, adding: “The brand is doing better and better every year, and the opportunity to collaborate with them is thrilling.
