Kurt Geiger boss agrees management buyout of brand
British footwear company gets bought out for $2.2 billion
Kurt Geiger's CEO, Neil Clifford, and other members of the brand's management team have recently bought out the famed shoe brand, after it was sold – as a part of the Jones Group – arlier this month to the US private equity group Sycamore Partners.
After purchasing the Jones Group - which also owns Stuart Weitzman, Anne Klein and Nine West - Sycamore Partners agreed to split the brands in order to support the acquisition from Kurt Geiger's senior employees.
"We are thrilled to be supported by Sycamore Partners, which has extensive retail experience and a proven history of partnering with management teams," said CEO, Clifford.
Stefan Kaluzny, a managing director of Sycamore Partners also added: "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."
It's not the first time that Clifford has put finances behind the well-known footwear store. In 2005 he led a £46 million buyout of the brand and another in 2008. The new deal with Sycamore leaves Clifford and his team to expand further overseas.