Kurt Geiger plans London flagship in wake of sales growth
UK luxury footwear and accessories brand Kurt Geiger will open a London flagship, continuing their recent expansion after solid sales growth in Q3.
Bucking the tough retail climate in the UK, with bellwether retailers such as Next, SuperGroup and Marks and Spencer all announcing low demand for new season offerings, Kurt Geiger has reported a 13 per cent increase in like-for-like sales, with a forecast of double digit growth in revenues for the year and “strong” profits, to boot.
A management buyout in April this year was backed by US private equity firm Sycamore Partners and headed by the Kurt Geiger chief executive Neil Clifford. Clifford spoke of a “tremendous year” following the buyout, adding that “the company’s new strategic direction has facilitated a renewed focus on growth and international expansion.”
The growth in revenues takes turnover up to GBP 210 million in the first seven months of the year, which compares very favourably with GBP 230 million for the entire of last year. Internet sales growth of 30 per cent means 20 per cent of all sales are now made online.
Expansion continues in the shape of a London flagship, which is planned for the area around Oxford Street in London, following 28 store openings worldwide this year, including a flagship in Milan. The footwear brand now has 59 of its own stores, with close to 200 concessions at locations such as Selfridges, Liberty and Harrods.