Fashion chains Warehouse and Principles were bought for about £140m by the owner of shoe shops Pied a Terre, Bertie and Chelsea Cobbler yesterday.
Shoe Studio bought the high street stores from owner Rubicon, handing a windfall to directors who initially invested £1m in the business.
The buyer said similarities between the chains - many of which operate through concessions in department stores - would allow it to expand the brands.
Rubicon bought the high street retailers from Top Shop group Arcadia three years ago, which is owned by BHS retail tycoon Philip Green.
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