Jones Group Inc. has acquired UK-based luxury shoe retailer Kurt Geiger from buyout shop Graphite Capital, Reuters reported Thursday. The deal is valued at about $350 million, including assumption of debt, Reuters said.
(Reuters) – Jones Group Inc said it had acquired upscale British shoe retailer Kurt Geiger from private equity firm Graphite Capital to increase its foothold in the international luxury market.
The deal is valued at about $350 million including assumption of debt, Jones Group said.
Jones, whose brands include Nine West and Stuart Weitzman, said owning Kurt Geiger will increase its international presence to just below 20 percent of overall sales.
Kurt Geiger had sales of about $332 million for the year ended on April 30.
The acquisition will also let Jones gain inroads into the designer footwear business through Kurt Geiger’s portfolio of high-end brands and presence in leading department stores, such as Harrods and Selfridges, the companies said.
The deal is expected to immediately add to earnings per share, Jones Group said.
Last month, another upscale shoemaker Jimmy Choo was bought by luxury goods group Labelux from TowerBrook Capital Partners LP.
Jones shares rose 1 percent on Thursday before the bell. They closed at $11.75 Wednesday on the New York Stock Exchange. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Gopakumar Warrier)