Matches Fashion is making a comeback next year after being purchased following its financial troubles. The high-end fashion retailer faced insolvency in March 2024, owing substantial amounts to luxury brands like Gucci and Anya Hindmarch.
Formerly under the ownership of Frasers Group, Matches was acquired from MF Intermediate Limited for £52 million. However, a recent development reveals that Joe Wilkinson and Mario Maher, the creators of luxury shopping app Mile, have now acquired Matches and its Raey brand.
These brands will become part of the new luxury conglomerate Hulcan, as reported by Vogue Business. Maher emphasized the importance of maintaining Matches’ legacy of curation, exclusivity, and quality products while introducing fresh perspectives.
Wilkinson added that the acquisition marks a significant milestone, blending brands, media, and technology to create an innovative luxury ecosystem. The duo aims to revolutionize how people interact with brands and are excited to embark on this journey with strong support from investors and partners.
Matches Fashion primarily operated online but also had physical stores in London. Frasers Group disclosed that the business had been incurring losses, with a significant deficit of £33.5 million in the fiscal year ending January 2023. Despite efforts to stabilize the company, the management realized that extensive restructuring and funding were needed beyond feasibility.
Frasers assured shareholders of its commitment to the luxury market and its brand collaborations, even as Matches transitioned into administration. The company acknowledged the challenges faced by Matches and expressed its ongoing dedication to luxury partnerships.