Matches Fashion will make a comeback next year under new ownership, following its acquisition post-administration. The high-end fashion retailer faced a collapse in March 2024, reportedly owing over £210 million to luxury brands like Gucci and Anya Hindmarch.
Formerly owned by Frasers Group, Matches was bought from Apax Partners’ subsidiary MF Intermediate Limited for £52 million. However, the latest development reveals that Joe Wilkinson and Mario Maher, founders of the luxury shopping app Mile, have now purchased 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 their commitment to maintaining Matches’ legacy of curation, exclusivity, and quality products, albeit with a fresh perspective.
Wilkinson expressed excitement about the acquisition, highlighting their goal of integrating brands, media, and technology into a unified ecosystem tailored for the future of luxury. He emphasized their vision to revolutionize how people engage with and discover brands.
Matches, known for its online presence and London stores, faced financial challenges leading to its collapse. Frasers Group acknowledged the business’s persistent losses, with a £33.5 million deficit in the fiscal year ending January 2023. Despite supporting Matches, Frasers deemed restructuring unfeasible due to extensive funding requirements.
Frasers affirmed its commitment to the luxury market and brand partnerships despite Matches’ administration decision. The transition to new ownership marks a significant turning point for Matches Fashion, heralding a fresh approach to the luxury retail landscape.