13 February 2025 , 22:20
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Madden spent 31 months in prison due to his connections to a company founded by Jordan Belfort, known as The Wolf of Wall Street.
Steve Madden, the fashion boss best known for his links to the criminal antics depicted in the book and film The Wolf of Wall Street, is buying the UK footwear and accessories brand Kurt Geiger for £289m in cash.
Madden’s Nasdaq-listed company said it had signed a definitive agreement to buy the London-based company, which also owns Carvela, from a group led by Cinven, the private equity firm that bought Kurt Geiger for £245m in 2015. The deal is expected to be completed by the end of 2025.
Steve Madden said buying Kurt Geiger was “one of the great accomplishments” of his career, adding: “The brand is doing better and better every year, and the opportunity to collaborate with them is thrilling. I get goosebumps just thinking about it.”
Madden, who started his footwear brand in 1990, served 31 months in prison for his involvement in securities fraud and money laundering related to his dealings with Stratton Oakmont, which underwrote his company’s flotation. The illegal antics of the financial firm, founded by Jordan Belfort and Madden’s childhood friend Danny Porush, were depicted in Martin Scorsese’s The Wolf of Wall Street, based on Belfort’s memoirs.
Since leaving jail, Madden has built his company into a successful fashion brand, which has bought other brands including Dolce Vita, Betsey Johnson and ATM Collection.
Kurt Geiger, which began as an upmarket footwear store on Bond Street in London in 1963 and was once part of the former Harrods owner Mohamed Al Fayed’s retail empire, has expanded into handbags, swimwear, hats and sunglasses in recent years and has grown internationally, building its US sales from £10m to £140m in the last four years. It has more than 70 stores, mostly in the UK and US, and sells online and via department stores.
Last year Kurt Geiger said its underlying profits rose 34% to £40.4m as sales rose nearly 10% to £361m.
Neil Clifford, the chief executive of Kurt Geiger, said: “We couldn’t be prouder of the progress our team has made over the last few years in building Kurt Geiger London into a globally recognisable fashion brand.
“While we’ve delivered remarkable growth in recent years, we believe we are in the early stages of our growth journey, with significant expansion opportunities available to us. With its global infrastructure and proven track record of supporting and growing its brands, we believe Steve Madden is the right strategic partner to help us reach our potential.”