Matches Fashion is making a comeback next year after being acquired following its insolvency. The upscale fashion retailer went into administration in March 2024, owing over £210 million to luxury brands like Gucci and Anya Hindmarch.
Previously under the ownership of Frasers Group, Matches was purchased by Joe Wilkinson and Mario Maher, founders of the luxury shopping app Mile. The acquisition includes Matches and its in-house brand, Raey, which will now be part of the newly formed luxury group Hulcan, as reported by Vogue Business.
Wilkinson and Maher expressed their commitment to maintaining Matches’ traditional values of curation, exclusivity, and quality products while bringing a fresh perspective to the brand’s direction. They emphasized their goal of integrating brands, media, and technology to create a modern luxury experience for customers.
Matches, known for its online presence and London stores, faced financial challenges leading up to its collapse. Frasers Group disclosed that the business had been incurring losses, prompting the decision to place Matches into administration due to the significant restructuring required and unsustainable funding needs.
Despite the setback, Frasers Group reiterated its dedication to the luxury market and its brand partnerships. The new ownership by Wilkinson and Maher signals a new beginning for Matches Fashion, with a focus on innovation, sustainability, and customer value, supported by their investors and strategic partners.