Matches Fashion is set to make a comeback next year after being acquired following its insolvency. The upscale fashion retailer collapsed in March 2024, reportedly owing over £210 million to renowned designer brands like Gucci and Anya Hindmarch.
Previously owned by Frasers Group, Matches was purchased from Apax Partners’ subsidiary MF Intermediate Limited for £52 million. Recently, 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 new luxury group Hulcan, as reported by Vogue Business.
In an interview, Mr. Maher expressed the intention to preserve Matches’ legacy of curation, exclusivity, and premium products while introducing a fresh perspective. Mr. Wilkinson highlighted the significance of uniting brands, media, and technology to create a forward-looking luxury ecosystem.
Matches mainly operated online but also had a few physical stores in London. Frasers disclosed that Matches had been running at a loss, with a reported £33.5 million loss in the year ending January 2023. Frasers Group stated that despite efforts to stabilize the business, the required restructuring and funding were not feasible, leading to Matches being placed into administration.
Frasers emphasized its commitment to the luxury market and its brand partners despite the challenges faced by Matches.