New York—Just days after its acquisition of The Jones Group Inc., Sycamore Partners announced today that two of the brands that had been under the Jones Group umbrella will now operate as independent companies: Stuart Weitzman and Kurt Geiger.
Sycamore’s acquisition of Stuart Weitzman is being made in partnership with the company’s long-time management team, including Executive Chairman Stuart Weitzman and /CEO Wayne Kulkin.
“We are excited to work with Sycamore Partners and are confident that this transaction will help fuel the continued momentum of the Stuart Weitzman brand as we enter our next phase of growth,” Weitzman said. “Sycamore Partners has a history of supporting the visions of its portfolio companies, and we anticipate a long and successful partnership.”
Kulkin said that Weitzman looks forward to growing the “brand across its many channels and geographies.”
‘Great Potential for Growth’
In the case of Kurt Geiger, a leading European luxury branded shoe retailer, Sycamore said the company completed a management-lead buyout and is also now operating as an independent company.
“We are thrilled to be supported by Sycamore Partners, which has extensive retail experience and a proven history of partnering with management teams,” said Neil Clifford, Kurt Geiger’s chief executive. “We believe our company has tremendous potential for growth in the UK and internationally, and we will continue to invest in new opportunities alongside our department store and brand partners.”
Clifford and the other members of the Kurt Geiger management team are all reinvesting in the company and will hold a significant stake going forward.
Kurt Geiger opened its first boutique on Bond Street in London in 1963. Today the company operates in more than 180 multi-branded luxury and premium shoe concessions in leading British and international department stores, including Harrods, Selfridges, House of Fraser, John Lewis, Debenhams, David Jones and Myer. The company also sells its own iconic footwear brands, including Kurt Geiger London and Carvela, in more than 70 global retail locations, as well as premium department stores in the UK and around the world.
“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,” said Stefan Kaluzny, a managing director of Sycamore Partners. “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.”