Matches Fashion is making a comeback next year after being acquired following its financial troubles. The renowned luxury retailer faced insolvency in March 2024, owing over £210 million to prestigious brands like Gucci and Anya Hindmarch.
Previously under the ownership of Frasers Group, Matches was sold to Joe Wilkinson and Mario Maher, the founders of luxury shopping app Mile. The duo has now taken over Matches and its in-house brand Raey, which will be integrated into the new luxury conglomerate, Hulcan, as reported by Vogue Business.
Maher emphasized the intention to preserve Matches’ legacy of curation, exclusivity, and premium products while introducing fresh perspectives. He stated, “We want to maintain the essence of Matches but with a new approach.” Wilkinson added, “We are embarking on an exciting journey to blend brands, media, and technology into a unified platform designed for the future of luxury.”
Matches, known for its online presence and a few stores in London, faced financial challenges leading to its collapse. Frasers Group disclosed that Matches consistently failed to meet business targets post-acquisition, resulting in significant losses. Consequently, Matches’ management decided to place the business into administration due to the extensive restructuring needed and unsustainable funding requirements.
Despite the setback, Frasers reiterated its commitment to the luxury market and its brand partners. The transition to new ownership marks a pivotal moment for Matches, as the founders aim to revolutionize the luxury retail landscape by emphasizing innovation, responsible scaling, and value creation for all stakeholders.