Hussain Chaudhry, 18, had reportedly invited his killers to view the jacket at his home where he was attacked in front of his family.
His mother and brother were also found with slash wounds to their hands. They were taken to hospital where their condition was described as not life threatening.
His sister, Afia Ahmed Chaudhry, paid tribute to her younger brother on Twitter, writing: “Look at you, baby. Your name is being uttered across the world. You were perfect, & you are finally home. I love you.
“The entire community has come together for you. We’ve lost our baby and no pain will compare”.
She said: “The sunshine of my life. My youngest brother, Hussain.
“You radiated light & never had anything but a smile adorning your face. You studied well, loved well, prayed well.
“Fly with green birds, my martyr. Meet me by at the gates of Jannah, will you? I’ll wait for your familiar face.”
In an earlier post, she wrote: “Yesterday my beautiful baby brother left this world the same way he came in, cradled in my mother’s arms.
“He died defending his family. His eyes were bright, his face showed no pain, he was at peace.
“To God we belong & to Him we return. You’re home now baby, I’ll see you soon.”
A family friend revealed that Hussain was trying to comfort his mother as he lay in her lap dying, writing on Twitter: “Hussain was a lion. He said ‘don’t worry mum – just call an ambulance’ and then he looked up to the heavens peacefully and said his Shahada [One of the 5 Pillars a prayer considered the most sacred in Islam].”
“He was a good boy. He prayed all his salah and was close to his family. He was studying law at SOAS University. His family are such decent kind people who always welcome others into their home.”
John Cryer, Labour MP for Leyton & Wanstead, wrote on Twitter: “I am deeply saddened to hear of the murder of Hussain Chaudhry in what seems to have been a vicious robbery.
“He was a young student with his life ahead of him trying to protect his family. My thoughts are with them at this time.”
A Waltham Forest Council of Mosques spokesman said Hussain’s family had helped build the mosque opposite on Lea Bridge Road and handed out food to worshippers.
A spokesman said: “The Ummah has lost an incredibly brave and beautiful soul in our beloved bro Hussain Chaudhry.
“His family are a blessing to our community; Hussain was no exception. He was incredibly polite, sweet, steadfast in his prayers and showed love to everyone in the most amazing of ways.”
London Mayor Sadiq Khan appealed for anyone with information to come forward. “If you know who was responsible please come forward – you can report it anonymously, there is no honour in staying silent,” Mr Khan said.
Detective Chief Inspector Perry Benton, from the Met’s Specialist Crime Command, has urged anyone driving in the area on Wednesday evening to check dash-cam footage, and for local residents to check doorbell cameras for any insights into the crime.
He said: “A young man has lost his life in tragic circumstances and my thoughts are with his family and friends at this awful time.
“The attack happened on a busy road during rush hour and I know there would have been lots of vehicles passing at the time of the incident.”
Detective Superintendent Paul Whiteman, from the local policing team in Waltham Forest, said additional officers will be in the area over the coming days to help reassure the community and listen to concerns from residents.
He said: “We remain committed to tackling violent crime and we are working with a number of partners to help us prevent another tragic loss of life.
“You will see extra officers in the area this week and they will be using a range of tactics to target those who choose to put others in danger by carrying a knife.
“We rely on the support of the local community and I would ask anybody with concerns to contact us on 101 or to report information anonymously to Crimestoppers.”