Matches Fashion is making a comeback next year after being acquired following its administration. The high-end fashion retailer faced a collapse in March 2024, reportedly owing over £210 million to designer brands like Gucci and Anya Hindmarch.
Under the ownership of Frasers Group at the time of collapse, Matches was bought for £52 million from Apax Partners’ subsidiary MF Intermediate Limited. Now, Joe Wilkinson and Mario Maher, founders of luxury shopping app Mile, have taken over Matches along with its in-house brand Raey. These brands will be integrated into the new luxury group called Hulcan, as reported by Vogue Business.
Wilkinson and Maher expressed their commitment to maintaining Matches’ legacy of curation, exclusivity, and quality products while introducing new perspectives. They emphasized their vision to merge brands, media, and technology to create an innovative luxury ecosystem that reshapes how people engage with luxury brands.
Matches, known for its online presence and a few physical stores in London, faced financial challenges leading to its collapse. Frasers Group disclosed that Matches consistently failed to meet business targets and incurred significant losses. Despite efforts to stabilize the business, the restructuring needed was deemed unfeasible, prompting the decision to place Matches into administration.
Frasers reiterated its dedication to the luxury market and its brand partners amidst the transition. The acquisition by Wilkinson and Maher marks a significant milestone for the duo, as they aim to revolutionize the luxury retail landscape with their innovative approach.