Matches Fashion is poised to make a comeback next year after being acquired following its financial difficulties. The upscale fashion retailer faced a collapse in March 2024, reportedly owing over £210 million to prominent designer labels like Gucci and Anya Hindmarch.
Previously under the ownership of Frasers Group, Matches Fashion was purchased for £52 million from Apax Partners’ subsidiary MF Intermediate Limited. However, in a recent development, Joe Wilkinson and Mario Maher, the founders of luxury shopping app Mile, have taken over Matches Fashion and its in-house brand Raey.
These brands will now be part of a new luxury conglomerate named Hulcan, as reported by Vogue Business. Maher expressed their commitment to preserving Matches Fashion’s legacy of curation, exclusivity, and premium products while introducing a fresh perspective to the brand.
Wilkinson emphasized the significance of this acquisition, highlighting their goal of integrating brands, media, and technology into a single ecosystem tailored for the future of luxury retail. Their vision aims to revolutionize how consumers discover, engage with, and build connections with luxury brands.
Matches Fashion primarily operated online, alongside a few physical stores in London. Prior to its collapse, Frasers Group disclosed that the business had been experiencing financial losses, with a reported loss of £33.5 million in the fiscal year ending January 2023.
Frasers Group communicated to shareholders that despite efforts to stabilize Matches Fashion, the required restructuring and financial commitments exceeded what was deemed feasible. This led to the decision to place Matches Fashion under administration. Frasers reiterated its commitment to the luxury market and its brand partners amidst the transition.