Matches Fashion, a luxury retailer, is poised to make a comeback next year after being acquired post-administration. The company faced a collapse in March 2024, reportedly owing over £210 million to designer labels like Gucci and Anya Hindmarch.
Previously under the ownership of Frasers Group, Matches was sold to Joe Wilkinson and Mario Maher, founders of the luxury shopping app Mile. The duo also acquired Matches’ in-house brand Raey. These brands will now be part of the newly formed luxury group, Hulcan, as reported by Vogue Business.
Maher stated that they aim to preserve Matches’ legacy of curation, exclusivity, and quality products while injecting a fresh perspective. He emphasized that the core values would remain intact but with a renewed approach.
Wilkinson added, “This marks a significant milestone for us. We are integrating brands, media, and technology into a unified ecosystem tailored for the future of luxury. Our goal is to redefine how people engage with brands and enhance their shopping experience.”
Matches was primarily an online retailer with a few physical stores in London. Frasers Group disclosed that the business had been running at a loss, with a reported £33.5 million loss in the fiscal year ending January 2023. Despite efforts to stabilize Matches, it was deemed unfeasible due to the substantial restructuring needed and ongoing financial demands.
Frasers reassured shareholders of their commitment to the luxury market and its brand partners despite Matches’ administration.
