Womenswear brand Ghost has been bought by fashion entrepreneur Touker Suleyman.
The deal saves 142 jobs.
Touker Suleyman, who owns the Hawes & Curtis shirt chain, said: "It is an honour for me to have the opportunity to save Ghost and to be a part of returning it to its former glory of an aspirational luxury brand."
Ghost, which currently has 33 outlets and a number of concessions will undergo a complete relaunch. Ghost outlets will continue to trade as normal until the official relaunch in early 2009.