Matches Fashion is poised for a comeback in the upcoming year after being acquired post-administration. The high-end fashion retailer faced a collapse in March 2024, reportedly owing over £210 million to renowned designer brands such as Gucci and Anya Hindmarch.
Previously under the ownership of Frasers Group, Matches was bought for £52 million from Apax Partners’ subsidiary MF Intermediate Limited. However, in recent developments, Joe Wilkinson and Mario Maher, founders of luxury shopping app Mile, have taken over Matches and its in-house brand Raey. These brands will now be part of the newly formed luxury group Hulcan, as reported by Vogue Business.
In an interview, Mr. Maher emphasized their commitment to preserving Matches’ heritage of curation, exclusivity, and quality products while introducing a fresh perspective. Mr. Wilkinson highlighted the significance of merging brands, media, and technology to create an innovative luxury ecosystem for the future.
Matches, known primarily for its online presence with a few London stores, faced financial challenges leading to its collapse. Frasers Group disclosed significant losses, prompting the decision to place Matches under administration due to the extensive restructuring required and unsustainable funding needs.
Frasers assured stakeholders of their continued dedication to the luxury market and brand partnerships amidst the changes. The acquisition by Joe Wilkinson and Mario Maher signals a new direction for Matches, promising innovation and value creation for both brands and customers in the luxury retail sector.