Footwear and accessories retailer Kurt Geiger, which turned 60 in 2023, has reported sales grew by 9.5% in its anniversary year. A company profile in the RetailX UK Fashion 2024 report looks at how the British business continues to thrive.
Kurt Geiger was originally founded in 1963 with the opening of its first store on Bond Street in London. Today, it has around 80 stores in the UK, as well as concessions in the likes of Harrods and Selfridges.
The brand opened 12 branded stores in the UK in 2023, as well as a new 2,916 sq ft flagship store on Oxford Street in September. The following month it reported net sales up by 31% to £239.5mn in the 12 months to 18 January 2023.
EBITDA rose by 49% to £30mn in the same period. Growth was credited to international success, a flourishing handbag business and its philanthropy work through its Kindness Foundation.
Backed by private equity
The company has been backed by a variety of private equity investors during its history, but has been led by the same chief executive, Neil Clifford, for more than 20 years.
He originally joined the business in 1995 under the ownership of Harrods boss Mohammed Al Fayed. Clifford worked as retail director, buying director and managing director before taking the chief executive role in 2003, Kurt Geiger has been owned by private equity group Cinven since 2015, but last year there were rumours that Cinven and Clifford were working with advisors at Bank of America on a prospective auction of the brand.
International expansion
As well as expanding in the UK, the British retailer has targeted US expansion through a chain of standalone stores. In 2023, it announced a £150mn debt deal to fund the international expansion and to refinance existing borrowings. It plans to launch around 20-30 stores in North America over the next five years.
In October 2023, Kurt Geiger launched a new academy programme called Business by Design, which aims to help those from under-represented backgrounds to get into the industry. The first 20 young people began on the educational business course pilot in January 2024. The seven-month course takes place in a dedicated space within Kurt Geiger’s London headquarters.
This Kurt Geiger profile, authored by Liz Morrell, is one of six in the RetailX UK Fashion 2024 report. It also includes:
- M&S – Regaining its lead as the company reinvents and broadens its fashion offer
- Secret Sales – Continued growth, with ambition to become Europe’s largest marketplace for discounted fashion
- Zara – Since its debut in 1998, Zara has continued to thrive in the UK market. It has a clear focus on sustainability
- Boohoo – Continues to surprise as it moves from fast fashion towards a focus on sustainability
- Cider – Popularity is brewing among younger consumers, with its smart fashion model regarded as key
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