Steve Madden Announces Definitive Agreement to Acquire Kurt Geiger

Core Insights - Steve Madden has announced the acquisition of UK-based Kurt Geiger for an enterprise value of approximately £289 million in cash [1][3] - The acquisition aims to enhance Steve Madden's portfolio by adding a brand that has shown exceptional growth, particularly in handbags, and aligns with the company's strategic initiatives to expand internationally and in direct-to-consumer channels [2][3] Company Overview - Steve Madden is a designer and marketer of fashion footwear, accessories, and apparel, with a diverse brand portfolio including Steve Madden®, Dolce Vita®, Betsey Johnson®, and others [6] - Kurt Geiger, which had an estimated revenue of approximately £400 million for the twelve months ended February 1, 2025, operates footwear concessions in luxury department stores in the UK [2][6] Transaction Details - The transaction has been unanimously approved by Steve Madden's Board of Directors and will be funded through a combination of committed debt financing and cash on hand [3] - The deal is expected to close in the second quarter of 2025, pending regulatory clearance and customary closing conditions [3] Leadership Comments - Edward Rosenfeld, CEO of Steve Madden, expressed excitement about the acquisition, highlighting Kurt Geiger's strong brand image and growth potential [2] - Neil Clifford, CEO of Kurt Geiger, noted the brand's progress and the significant expansion opportunities available with Steve Madden as a strategic partner [2]