Fashion chains Karen Millen and Coast have officially been saved by online retailer Boohoo.com.
The website announced a deal had been struck between the three firms on Tuesday night - signalling what could lead to hundreds more high street job losses.
The two brands were put up for sale by Icelandic bank, Kaupthing in June - with Boohoo confirming it had made an offer on Monday evening.
A statement on Tuesday confirmed it had acquired the chains for a combined £18.2million, funded by the group’s existing cash resources.
Founded by Karen Millen and Kevin Stanford in 1981, Karen Millen is known globally for its premium fashion lines.
The company operates in 65 countries and employs 1,700 staff worldwide. In the UK, it has 57 stores, with concessions at John Lewis and Selfridges.
Coast was founded in 1996 with the belief that "life is for living, fashion should be fun and dressing up is for every day".
The two firms went up for sale in June, just eight months after Kaupthing saved Coast from collapse.
It saw the company's website, IP, brand and concessions take over by Aurora Fashions, which is owned by Kaupthing and also runs the likes of Oasis and Warehouse.
Boohoo is yet to specify on whether the deal involves any plans for the two retailers' physical stores.
John Lyttle, Boohoo group chief, said: "The acquisition of the online business of two great and renowned British brands in Karen Millen and Coast represents another milestone in the Group’s growth story as it continues to invest in its scalable multi-brand platform and gain further share in the global fashion e-commerce market."
In its most recent financial year to February 2019, direct online sales from the websites of Karen Millen and Coast totalled £28.4m.
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