Dare Gallery first opened in Melbourne in 1995 and was acquired by Fantastic Holdings in 2008.
Fantastic Holdings, which also operates furniture and bedding brands Fantastic Furniture, Plush, Original Mattress Factory, and LeCornu, announced the completion of the sale on Tuesday.
Dare Gallery has 11 company-owned and franchised stores throughout NSW, Victoria, and Queensland.
In December, Fantastic Holdings also entered into a contract to sell its bulky goods centre in Dandenong, Victoria for $22.7 million.
The settlement for the centre is expected to be completed by the end of next month.