The entrepreneurs own property group Dawnay Day and control just over 39 per cent of Austin Reed's shares.
Austin Reed rejected a£42 million offer from Dawnay Day in September, saying it undervalued the company, but Guy Naggar won board approval after he raised the earlier 131p-a-share offer to 144p-a-share.
In September, Austin Reed reported interim results for the 28 weeks to August 12, with a group turnover of£55.9 million and pre-tax profits of£500,000. In the comparable period last year, the group made a loss before tax of£1.1 million.
Naggar said: 'We believe our offer represents excellent value for Austin Reed shareholders. The present management team has overseen a successful turnaround and we are delighted to be working with them.
'Our objective is to build Austin Reed and ensure its successful future as an international retailer, not to break it up.'
Austin Reed non-executive chairman John Robins said: 'The board has carefully considered the offer by Darius Capital and it believes that shareholders' best interests are now served by Austin Reed being sold to Darius Capital.'
Dawnay Day previously owned the Chez Gerard restaurant chain, which it built up from 22 sites to 80, before selling it on three months ago. The company has combined assets of more than $3 billion (£1.57 billion).
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