Buoyant Kurt Geiger being prepped for sale

The private equity owners of footwear retailer Kurt Geiger are prepping the company for a sale, a report said on Wednesday, with a purchase price suggested at around £400 million. 

Sky News said that Cinven is working with Bank of America on an auction of the business with the process expected to start in the next few months and interest likely to come from both luxury goods groups and buyout companies.

Cinven has owned the 60-year-old business since 2015, during which time it has grown significantly. That has happened both in its domestic UK market, and as it has targeted expansion abroad, particularly in the US. 

None of the parties involved have commented on the report, although a sale would clearly make good commercial sense for its owner given the strong results the company has reported in recent periods.

In the latest figures that the company has filed, it reported, bouncing back from the disruption of the pandemic, and earlier this year, it completed a funding deal reportedly worth around £150 million to bankroll its ongoing expansion plans. 

That makes sense given that while sales have been rising fast in the UK in its latest year, turnover in North America was up by 236%. 

It has been adding to both its US and European presence in recent periods and the new funding will help it continue that process. But it’s not neglecting the UK, and only last month opened a large new flagship on a recovering Oxford Street in the heart of London’s West End.