The Manchester-based group said the acquisition was in line with its strategy to expand the number of upmarket brands it operates.
Gray and Osbourn, which is aimed at mature women, recorded turnover of£17.2 million and pre-tax profit of£700,000 last year. After the takeover, the existing management team will continue to run the business.
The management, backed by private equity firm Piper, led a buyout in 1998. The company was founded in 1989 and a transactional web site was launched in 1999.