Sycamore Partners, the New-York based private equity firm which acquired the Jones Group for 2.2 billion dollars on Tuesday, has revealed the completion of Kurt Geiger's management-led buyout on Friday. The luxury footwear retailer is now operating as an independent company.
The private equity firm supported Kurt Geiger's management team during its acquisition of the brand, which was previously a division of the Jones Group.
Kurt Geiger positioned for "tremendous potential for growth in the UK and internationally"
"We have great respect for Kurt Geiger's strong and dedicated management team, deep history of partnership with exceptional department stores, and its own distinctive portfolio of footwear brands," said Stefan Kaluzny, a managing director of Sycamore Partners in a press release.
"The company has great potential for growth, and we look forward to working with Neil and the Kurt Geiger team to help position the business for long-term success."
Neil Clifford, Chief Executive Officer at Kurt Geiger who led the MBO, commented: "We are thrilled to be supported by Sycamore Partners, which has extensive retail experience and a proven history of partnering with management teams."
"We believe our company has tremendous potential for growth in the UK and internationally, and we will continue to invest in new opportunities alongside our department store and brand partners. Our company is passionate about product, and we will carry on our legacy of offering the most exciting and innovative footwear, bringing the creativity of British design talent to a global audience."
Clifford and the other members of the Kurt Geiger management team will all reinvest in the luxury footwear business and will hold a significant stake in the company. The management team stresses that they all remain committed to the ongoing growth and expansion of the brand and business.
Kurt Geiger currently has over 70 stores worldwide and more than 180 concession stands in a number of international premium department stores.