Jane Shepherdson has concluded a deal with Baugur to acquire Whistles from Mosaic, as first reported in Retail Week (November 30).

The former Topshop brand director will become chief executive of the womenswear brand following the management buy-in.

Whistles will be split off from Mosaic through an acquisition by a newly formed company in which Shepherdson and her team have part ownership.

Baugur is the lead shareholder and Icelandic bank Glitnir is also an investor. The financial terms of the deal remain undisclosed.

Shepherdson is joined by her former Topshop colleagues Keith Wilks as finance director and Jo Farrelly as marketing director.

Jane Shepherdson said: “I look forward to drawing on the brand’s heritage and developing it into an exciting and stimulating collection and store environment. We see a great opportunity to create something unique for the woman who loves great design, isn’t scared of a little edginess and who wants to reference but not slavishly follow trends.”

Baugur chief executive Gunnar Sigurdsson said: “With the talent and experience that Jane and her team bring, we have no doubt that they will take advantage of the solid foundation that has already been built and drive Whistles to new heights.”

Mosaic Fashions chief executive Derek Lovelock said: “Whistles has grown strongly under the leadership of Amanda Burrows and her team. However, given Mosaic’s strategy to build scaleable international brands, we believe that Jane and her team will have the focus and resources to take Whistles to its next level.”

Shepherdson is also an adviser to ethical retailer People Tree and Oxfam.

Kinmont acted as financial adviser to the management and Glitnir Bank advised the new company.