French Connection has completed the sale of its premium lifestyle brand Toast to Danish apparel company Bestseller, in a move it previously said is expected to generate about GBP13.9m (US$19.6m) and help its return to profitability.

The news comes after French Connection shareholders approved the sale at the company's general meeting on 26 April – with the deal set to raise gross proceeds of GBP23.3m.

Headquartered in London, Toast is a premium lifestyle brand that sells womenswear, accessories, nightwear, loungewear and homeware. It generated revenues of GBP19m in the year ended 31 January 2018, up from GBP16.7m the year before. 

Last month, French Connection said the sale will allow it to focus further on its namesake brand in its core retail, wholesale and licensing businesses, while the net cash proceeds will be used for general corporate and working capital purposes and to support its continued turnaround and return to profitability.