Shares of fashion footwear, accessories, and apparel brand Steve Madden, Ltd. are trading higher on Thursday.

The company has agreed to purchase U.K.-based Kurt Geiger from a consortium led by the private equity firm Cinven for around 289 million British pounds ($360 million) in cash.

The acquisition encompasses Kurt Geiger London and its brands, including KG Kurt Geiger and Carvela. Furthermore, Kurt Geiger runs high-end footwear concessions in top U.K. department stores, such as Harrods and Selfridges.

For the twelve months ended February 1, 2025, Kurt Geiger had estimated revenue of approximately 400 million British pounds.

“Kurt Geiger London’s unique brand image, high-quality and statement-making styles and compelling value proposition have driven success across multiple product categories, led by handbags,” said Steve Madden Chairman and CEO Edward Rosenfeld.

Also Read: ‘Racism Has No Place in Missouri’: State Attorney General Sues Starbucks Over Hiring Policies

Steve Madden’s Board of Directors has fully endorsed the deal. The company plans to fund the purchase using a mix of debt and available cash reserves.

“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,” said Kurt Geiger CEO Neil Clifford.

The transaction is expected to be finalized by the second quarter of 2025, subject to regulatory approval and other typical closing requirements.

As of September 2024, the company held cash and equivalents of  $150.5 million.

Price Action: SHOO shares are trading higher by 4.01% at $39.14 at the last check Thursday.

Read Next:

Consumer Giant Unilever Warns On Slower Start To 2025, Ice Cream Spin-Off Moves Forward With Amsterdam Incorporation