Matches Fashion is set for a comeback next year after being acquired post-administration. The luxury retailer, which collapsed in March 2024 owing over £210 million to designer brands like Gucci and Anya Hindmarch, was previously owned by Frasers Group. Frasers Group had bought Matches for £52 million from Apax Partners’ subsidiary MF Intermediate Limited.
In a recent development, 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 stated, “We aim to preserve Matches’ legacy of curation, exclusivity, and quality products but with a fresh perspective.” Mr. Wilkinson added, “This marks a significant milestone for us as we integrate brands, media, and technology into a future-oriented luxury ecosystem.”
Matches, known for its online presence and a few London stores, faced financial challenges leading to its collapse. Frasers Group disclosed that Matches consistently failed to meet business targets, resulting in substantial losses. Despite efforts to stabilize the business, the required restructuring was deemed unfeasible, leading to the decision to place Matches in administration.
Frasers reassured its commitment to the luxury market and its brand partners amidst the changes.