Private Equity Backers Eyeing Potential Auction for Luxury Footwear Brand
- Kurt Geiger owner considering £400m sale
- Cinven has owned the footwear company since 2015
- Sale process expected to begin in coming months
- Interest from luxury goods groups and buyout firms
- Targeting significant expansion in the US through standalone stores
- New funding package with Wells Fargo Capital Finance UK and Blazehill Capital
- Kurt Geiger founded in 1963, over 70 stores and 170 concessions
The private equity backers of Kurt Geiger, Cinven, are reportedly considering a £400m sale of the brand. Cinven has owned the footwear company since 2015 and is now working with Bank of America on a prospective auction. Sources told Sky that a sale process was expected to begin in the coming months, with interest expected from luxury goods groups as well as other buyout firms. The retailer has expanded beyond its signature footwear offering into handbags, jewellery and sunglasses, as well as other accessories. Founded in 1963, Kurt Geiger opened its first store on London’s Bond Street and has been headquartered in the UK capital ever since. The company now has over 70 stores as well as over 170 concessions in department stores, including Harrods and Selfridges. In June, it agreed a new funding package to refinance its existing debt and support its international growth strategy, targeting significant expansion in the US through a chain of standalone stores.
Factuality Level: 8
Factuality Justification: The article provides relevant information about Kurt Geiger’s potential sale, the involvement of Cinven and Bank of America in the process, and the company’s expansion plans. It also mentions its history, current store locations, and product offerings. However, it lacks a clear source for some details and could provide more context on the auction process.
Noise Level: 3
Noise Justification: The article provides relevant information about the potential sale of Kurt Geiger and its expansion plans, but it lacks in-depth analysis or actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: Private equity firms, luxury goods groups, and buyout firms
Financial Rating Justification: The article discusses a potential £400m sale of the footwear company Kurt Geiger by its private equity backer Cinven, which could impact financial markets and companies involved in the auction process. It also mentions the brand’s expansion plans and funding package for international growth.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text
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