Geiger counting on Shoeaholics

Kurt Geiger, the premium footwear retailer, is to launch a discount website early next year to give its current strong sales a further kick. The 63-store retailer will sell out-of-season or slow-moving lines of shoes on the site, which is set to be called Shoeaholics.

Kurt Geiger declined to comment on the launch expected in the first quarter of 2011. Last month, the retailer said that internet sales had doubled over the past year to account for 20 per cent of own-brand sales.

For the week starting 15 November, Kurt Geiger said that sales in stores open at least a year had risen by 30 per cent, "as fashionistas seek out designer accessories for their feet". The chain said that sales of its highest-heeled shoes – 120mm – had "quadrupled". Kurt Geiger grew underlying profits by 21.2 per cent to £14.7m for the year to 30 January 2010. Graphite Capital bought Kurt Geiger in early 2008, in a deal worth £95m.