British clothing retailer Marks & Spencer will buy young women's fashion label per una from design guru Mr George Davies for £125 million sterling.
The move comes as the company tries to win back high street customers amid fierce competition from the likes of Next and supermarket chain Asda.
M&S is also carving out a new strategy under chief executive Mr Stuart Rose, who was brought in to fend of a £9 billion takeover attempt by billionaire Mr Philip Green over the summer.
Mr Davies, the clothing entrepreneur originally behind fashion brand George at Asda, designed a trendier range for M&S under his per una label in 2001.
But M&S has continued to struggle. In January it sacked its head of clothing after grim Christmas sales, and in May it sacked its head of womenswear.
Mr Davies will remain as per una chief executive for at least two years, M&S said. Shares closed at 345p yesterday, valuing the firm at £7.8 billion.