A former owner of Missguided, the youth fashion brand, is in talks to buy Kurt Geiger, the upmarket shoe and accessories retailer.
Sky News has learnt that Alteri Investors, which was backed by the global private equity giant Apollo Management when it launched a decade ago, is among a number of parties in discussions about a takeover of the 61-year-old footwear brand.
City sources said this weekend that the talks were at an early stage and were not being held on an exclusive basis.
Several other parties are also considering bids for Kurt Geiger, which has been owned by Cinven, the private equity firm, since 2015.
The brand’s celebrity customers reportedly include Kylie Jenner, Jennifer Lopez and Paris Hilton.
Last October, Sky News revealed that Cinven had appointed Bank of America to oversee an auction of the retailer.
At the time, banking sources said they expected the company to fetch a price in the region of £400m.
Southern Water considering shipping supplies from Norway to UK due to drought fears
Money blog: Why are so many major companies withdrawing vegan products?
Six Nations backer CVC plots trip with Loveholidays
It was unclear what valuation a deal under discussion with Alteri would command.
Luxury goods groups and other buyout firms are understood to have been examining offers for Kurt Geiger in recent months.
Kurt Geiger, which was founded in 1963, is run by Neil Clifford, its long-serving chief executive.
Previously backed by Sycamore Partners, another private equity group, the brand is targeting significant expansion in the US through a chain of standalone stores.
To mark its 60th anniversary last year, Mr Clifford announced plans to establish a design academy for young people to embark on careers in the fashion industry.
Mr Clifford has run the business for the last two decades.
Last year, it announced a £150m debt deal to fund its international expansion and refinance existing borrowings.
In the UK, Kurt Geiger’s shoes have been sold at department stores including Harrods and Selfridges for years.
Alteri has owned a number of retailers in Europe since it was established, and is the current owner of the Bensons for Beds chain.
It specialises in distressed or turnaround situations, and has been linked with chains including BHS, the now-defunct department store group, and Poundworld, the discounter.
Kurt Geiger recently published results showing a 10% rise in sales in the year to the end of January.
Earnings of £40.4m on revenue of £360m put the business back in line with its pre-Covid performance, Mr Clifford said last month.
Alteri and Cinven both declined to comment this weekend.
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive Breaking News alerts on a smartphone or tablet via the Sky News App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.
