Schuh bought for £100m with potential to double portfolio

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The British footwear giant has been acquired by American retailer Genesco Inc for £100 million.


Schuh specialises in branded casual and athletic footwear, along with its own private label offering. The chain currently operates 59 stores in the UK and Ireland, with 16 outlets in the Republic.


In light of the acquisition chief executive at Genesco Robert Dennis said: "We believe Schuh has the potential to roughly double its store base to 100 to 120 freestanding stores in its current geographic market."


Staff are set to receive £37.3 million of the proceeds raised by the sale, as Genesco confirmed present managing director Colin Temple and finance director Mark Crutchley will continue to head up the Schuh leadership team.


Temple told press: “We are excited to join the Genesco family and believe the combination of our talented organizations will help to further distinguish our concepts from the competition and accelerate our future growth plans."

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