The 15 store closures will result in around 110 job losses, administrators at EY said today.
She will take on the firm's headquarters and all of its concessions, but just 21 of its 36 United Kingdom shops.
From the 21 stores that were bought, 325 employees will be transferred into other roles, however those in the closing stores face losing their jobs.
The administrators said "tough trading conditions" had led to the decision which saw five of their 39 United Kingdom stores closed immediately. The group's worldwide businesses were not part of the deal, but the trade journal Drapers, which first reported the rescue, said Feng is hoping to secure LK Bennett's stores in Europe and the U.S. in future.
The purchase includes LK Bennet's headquarters, 21 stores, all of its concessions and 325 employees. "This will be achieved through a combination of working with quality British design, and the business's existing supply chain".
Rebecca Feng, who runs Byland UK, bought the UK, Irish and wholesale division of the company late on Thursday, following weeks of speculation over the brand's future. Founded in 1990, LK Bennett now employs around 500 staff in the United Kingdom across its stores, concessions and London office, and trades from around 200 branded stores.
The fashion retailer, known for its smart daywear, attracted celebrity fans over its near 30-year history, including the Duchess of Cambridge, who made their nude court shoes a signature part of her look. Both will stay on after the deal to assist the business.
Dan Hurd, of EY, which is handling.
Gift cards, refunds and orders will be honoured as part of the arrangement.