Matches Fashion is poised to make a comeback next year after being acquired following its insolvency. The high-end fashion retailer went into administration in March 2024, reportedly owing over £210 million to luxury brands like Gucci and Anya Hindmarch.
Previously owned by Frasers Group, Matches was purchased from Apax Partners’ subsidiary MF Intermediate Limited for £52 million. However, in a recent development, Joe Wilkinson and Mario Maher, the founders of luxury shopping app Mile, have taken over Matches and its in-house brand Raey. These brands will now be part of the new luxury conglomerate Hulcan, according to Vogue Business.
In an interview, Mr. Maher emphasized the intention to preserve Matches’ legacy of curation, exclusivity, and quality products while introducing a fresh perspective. Mr. Wilkinson highlighted the significance of integrating brands, media, and technology to create an innovative ecosystem tailored for the future of luxury retail.
Matches primarily operated online, with a few stores in London. Despite the support from Frasers Group, the business faced significant losses, leading to its collapse. Frasers mentioned that the restructuring needed to sustain Matches was deemed unfeasible, prompting the decision to place the Matches group into administration.
Frasers reiterated its commitment to the luxury market and its brand partners amid the transition.