LONDON — Kurt Geiger, the London-based shoe retailer that was previously a division of The Jones Group Inc., has completed a management buyout and is now operating as an independent company, it said Friday.
In its joint statement with Sycamore Partners, the New York-based private equity firm that acquired The Jones Group earlier this week, Sycamore said that it had supported Kurt Geiger’s management team in its acquisition of the business.
Neil Clifford, chief executive officer at Kurt Geiger, described Sycamore Partners as having “extensive retail experience and a proven history of partnering with management teams. We believe our company has tremendous potential for growth in the U.K. and internationally, and we will continue to invest in new opportunities alongside our department store and brand partners.”
The company said that Clifford and the other members of the Kurt Geiger management team are all reinvesting in the company and will hold “a significant stake” in the business.
Stefan Kaluzny, a managing director of Sycamore Partners, added: “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.”
As reported, on Monday shareholders of The Jones Group approved Sycamore’s acquisition of the firm for around $2.2 billion. Sources said then that Jones’ businesses, which also include Stuart Weitzman and Jones apparel, would likely be carved into separate entities.