Bestseller has acquired the premium womenswear and lifestyle brand TOAST from its majority owner French Connection and founders Jamie and Jessica Seaton for £23.3m.

The deal, which is subject to French Connection shareholder approval, will lead to Toast joining the Danish group’s brand line-up which includes Bestseller, Vero Moda, Jack & Jones, Only, Selected and Vila among others.

CEO Anders Holch Povlsen said the group was “proud” to welcome Toast the the fold. “As fashion retailers we have been impressed with the business for some time, and our meetings with the management team have confirmed the potential and documented that it is a solid company with sound values and great people.”

Founded 20 years ago in Swansea by the Seatons, who had retained a 25% stake in the business following the sale of a 75% stake to French Connection in 2000, Toast has a reputation for taking traditional textiles and reimagining them in a contemporary style.

French Connection chairman and CEO said the deal was “great news for TOAST and its highly talented team...TOAST is a very strong brand and I have no doubt that the team will continue to develop it further under Bestseller’s ownership...The price achieved for TOAST reflects the strength of the brand and the business we have built behind it. French Connection will use the transaction proceeds to underpin its core business, allowing us to focus on our priority of returning to sustainable profitability and growth,” Marks added.

The city responded positively to the news with French Connection shares up 19% this morning following news of the sales. French Connection stands to make £13.9m from the sale.

Read more on theindustry.