Matches is back, ushering in the 'future of luxury'

Matches is set to return to the luxury fashion landscape, almost two years after collapsing into administration. This follows its acquisition by Joe Wilkinson and Mario Maher, the founders of members-only shopping app Mile.

The duo have bought both Matches and its in-house label Raey from Frasers Group in an undisclosed deal, bringing the businesses under a newly formed luxury group, Hulcan.

Hulcan plans to relaunch Matches and Raey in 2026, with further details expected in the New Year. Wilkinson and Maher said it was the retailer’s heritage - particularly its reputation for curation, exclusivity and strong product - that attracted them to the opportunity, although they stressed the revived business will take a different direction from its previous iteration.

Hulcan has secured $150 million (£112 million) in strategic capital from a network of fashion and retail backers. This includes Frasers Group, Palm Angels founder Francesco Ragazzi and PagsGroup, alongside existing Mile investors such as LVMH Luxury Ventures, the Hermès family, Stefano Rosso and Carmen Busquets.

The group now operates Mile, Matches and Raey, positioning itself as a next-generation luxury platform that aims to unite commerce, culture, media and fashion within a single ecosystem, rather than operating as a traditional multi-brand retailer.

Despite the scale of backing, the challenge ahead is significant. Frasers Group acquired Matches for £52 million in December 2023, before placing the business into administration just three months later, citing the scale of funding required to restructure the retailer. More than 270 staff were made redundant, while the business was wound down owing around £50 million to brand partners. Frasers subsequently repurchased Matches’ intellectual property for £20 million plus VAT, which has now been sold to Hulcan.

Wilkinson and Maher say the acquisition of the assets and IP allows them to rebuild the platform without legacy constraints, leveraging a smaller, more agile team and a digitally led operating model.

While their previous ventures, including mystery-box retailer Heat and Mile, have been rooted in off-price and Gen Z-focused retail, the founders have been clear that Matches will not return as a discount-led business. Instead, the pair have positioned the relaunch as firmly high-end, with ambitions to evolve Matches into a modern, highly curated omnichannel experience.

Maher said the strategy would "direct our focus on building deeper collaborative ties with our brand partners, while accelerating the growth of Mile and the evolution of Matches into a modern, highly curated omnichannel experience", adding that Hulcan is "committed to preserving the unique heritage of Matches, while driving its digital transformation".

Wilkinson said the launch of Hulcan marked a broader ambition beyond retail alone. "We’re bringing brands, media, and technology together into one ecosystem built for the future of luxury," he said. "We’re not just building places to shop… we want to shape how people discover, experience, and connect with brands."

Despite ongoing volatility in the luxury market, the founders remain bullish on multi-brand retail and consumer appetite for discovery and curation. "We’re stepping into this next chapter with real momentum," Wilkinson said.

Frasers Group Chief Executive Officer, Michael Murray, added: "We’re proud to support their vision, offering strategic guidance and global retail expertise as they relaunch Matches and Raey to unlock [their] full potential."

Further announcements are expected next year regarding Hulcan’s leadership team, expansion plans and the relaunch of Matches and Raey.