In a surprise move, Steve Madden is snapping up Kurt Geiger for 289 million pounds in cash, or $360 million at current exchange.

Kurt Geiger’s private equity parent Cinven was first said to be considering a sale of the company back in 2023.

“With this acquisition, we are excited to add Kurt Geiger London, a brand that has exhibited exceptional growth over the last several years. [Its] unique brand image, high-quality and statement-making styles and compelling value proposition have driven success across multiple product categories, led by handbags,” said Edward Rosenfeld, chairman and chief executive officer of Steve Madden in a statement.

The CEO lauded the Kurt Geiger brand’s international following, focus on accessories and emphasis on direct-to-consumer channels, noting the business was complementary to Madden’s existing portfolio. (The deal will close in the second quarter, pending regulatory approval.)

Cinven bought Kurt Geiger back in 2015 in a deal with Sycamore valued at $372 million. Since then the company has focused on building its namesake brand, with major expansion in the U.S. and other markets.

“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,” said Kurt Geiger CEO Neil Clifford. “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.”

The companies said in a statement that Kurt Geiger’s revenue was $400 million pounds for the 12 months ended Feb. 1. In addition to its core brand, the company operates department store concessions at department stores across the U.K., including Harrods and Selfridges.

Steve Madden, founder and creative and design chief of his eponymous firm, marveled at how far his company has come in the past 30 years.

“When I started this company in 1990, I never dreamed we would be where we are today. Owning Dolce Vita, Betsey Johnson and ATM Collection, and now being able to partner with Kurt Geiger, is one of the great accomplishments of my career. 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,” he said.