Matches Fashion is set to make a comeback in the upcoming year after being acquired following its financial troubles. The luxury fashion retailer faced insolvency in March 2024, reportedly owing over £210 million to designer brands such as Gucci and Anya Hindmarch.
Previously under the ownership of Frasers Group, Matches was purchased from Apax Partners’ subsidiary MF Intermediate Limited for £52 million. However, the latest development reveals that Joe Wilkinson and Mario Maher, the founders of luxury shopping app Mile, have taken over Matches and its in-house brand Raey.
These brands will now be part of the newly formed luxury group Hulcan, as reported by Vogue Business. Maher emphasized the intention to maintain Matches’ essence of curation, exclusivity, and high-quality products while introducing a fresh perspective.
Wilkinson expressed the significance of this acquisition, highlighting the integration of brands, media, and technology into a unified ecosystem tailored for the future of luxury retail. The duo aims to revolutionize the way people explore, experience, and engage with luxury brands through innovation and value creation.
Matches had a strong online presence and operated a few physical stores in London. Following its collapse, Frasers Group disclosed significant losses incurred by Matches, leading to the decision to place the company into administration. Despite the challenges faced, Frasers Group reiterated its commitment to the luxury market and its brand partners.