British accessories brand, Kurt Geiger, announces its remarkable results for this financial year, highlighting impressive growth, international success, a flourishing handbag business, and a commitment to philanthropy through its Kindness Foundation. The strong growth trajectory is expected to continue driven by success of its clearly defined strategy.
This year is Kurt Geiger’s 60th anniversary and since opening as a shoe store on Bond Street in 1963, the business has become a truly global brand. The business has over 80 standalone shops across the UK and over 2,000 employees, as well as hundreds of locations in global department stores including Bloomingdales, Galleries Lafayette, El Corte Inglés, El Palacio de Hierro, Harrods, Selfridges, Dillard’s and Nordstrom.
Kurt Geiger’s international expansion strategy has led to significant increases in both turnover and brand recognition. This year, the company’s wholesale turnover soared to £70.1 million, marking an impressive 62% year-on-year increase, while its wholesale EBITDA more than doubled, reinforcing the brand’s successful global journey.
In the last four years, Kurt Geiger has established itself as a leader in the US market becoming one of the fastest-growing accessories brand in department stores including Bloomingdales, Nordstrom, and Dillard’s. This year alone, U.S. online sales have experienced an astonishing 171% year-on-year growth. To keep up with this growing global demand, Kurt Geiger has opened three stores in Mexico with its local partner El Palacio de Hierro, and next year the brand will move across the border to the U.S., its largest market globally, where it plans to open six standalone stores.
Over the last year, Kurt Geiger has opened 12 new stores in the UK, including its new global flagship store on Oxford Street. The lofty 2,916 square foot space celebrates London’s creativity and individuality and emphasises the brand’s confidence in the future of Oxford Street.
The year also saw a surge in Kurt Geiger’s handbag sales, with revenues reaching £91.6 million, signifying a remarkable 72% increase compared to the previous year. Handbags have been a huge driver for growth, especially in the US where they are now its best-selling category, and in the UK the category represents 50% of Kurt Geiger’s sales.
As part of its ongoing commitment to making a positive impact on society, Kurt Geiger firmly believes that kindness and philanthropy should be at the heart of its business. The business proudly announced the launch of its Kindness Foundation with a linked loyalty scheme at the end of last year. This initiative has successfully raised over £720,000 to support a number of charity partners across both the UK and the US that support young people aged 13-25, providing practical career support and opportunities in creative industries. To date, the Kindness Foundation has created over 150 mentoring opportunities and work placements, 90 hours of employee volunteering, and has reached 282,671 young people – and social impact continues to grow through partnerships, grants, and an exciting future ahead.
Following a successful first year, the Kindness Foundation has created an innovative certified education programme of its own, Business By Design, a dedicated learning programme designed by young people for young people to help the next generation unlock their full potential and enter the creative business industry. The academy will serve young people aged 18-20, particularly those from underrepresented backgrounds, to give them the best possible chance to succeed. The Business By Design pilot programme is free and will include initially 20 young people and will run from January 2024 – July 2024.
Neil Clifford, CEO of Kurt Geiger, says: “Our outstanding financial results this year are a testament to the hard work, dedication, and innovation of our entire Kurt Geiger family. We are celebrating our 60th anniversary this November and I am extremely proud of the exceptional growth we have achieved internationally this year, especially in North America, as we are now recognised as a truly global accessible luxury accessories brand.
“We firmly believe in bricks and mortar as the cornerstone of our omnichannel retail offering and following successful store openings across the UK and now North America, we will continue to open more stores in the US and across Europe in 2024; we were thrilled to open on Oxford Street last month, one of the most iconic shopping areas in the city which like London continually changes and adapts and will evolve again to be London’s most unique retail destination.
“While London-based creativity is how we define our designs, kindness is how we define Kurt Geiger as a whole, and we remain committed to upholding our values of quality, style, and kindness in everything we do. Since the Kindness Foundation began in 2022, our hope was that, beyond offering grants and supporting other incredible organisations, we could deliver something even more meaningful directly to young people. To accomplish this, we have created an innovative programme of our own, Business By Design and I’m proud to celebrate Kurt Geiger’s 60th anniversary with the launch of an inspiring and inclusive initiative designed to truly make a difference.”
