Matches Fashion is poised for a comeback next year after being acquired post-administration. The upscale fashion retailer collapsed in March 2024, reportedly owing over £210 million to top designer brands such as Gucci and Anya Hindmarch.
Previously owned by Frasers Group, Matches was acquired for £52 million from Apax Partners’ subsidiary MF Intermediate Limited. However, the latest update reveals that Joe Wilkinson and Mario Maher, founders of the luxury shopping app Mile, have secured Matches and its in-house brand Raey.
These brands will now be part of the new luxury conglomerate Hulcan, as reported by Vogue Business. Maher emphasized the intention to maintain Matches’ legacy of curation, exclusivity, and quality products while introducing a fresh perspective.
Wilkinson highlighted the significance of the acquisition, aiming to integrate brands, media, and technology to create a forward-looking luxury ecosystem. They are focused on revolutionizing how people discover, engage with, and connect to brands, leveraging innovation and value creation.
Matches, known for its online presence and a few London stores, faced financial challenges leading to its collapse. Frasers Group disclosed that Matches consistently underperformed against its business plans, resulting in significant losses. Despite efforts to stabilize the business, the restructuring required was deemed impractical, leading to the decision to enter administration.
Frasers reiterated its commitment to the luxury market and brand partners amidst the transition. The move signals a new phase for Matches under the ownership of Wilkinson and Maher, embodying a vision for redefining luxury retail in a rapidly evolving landscape.