The British luxury fashion landscape is set for a significant revival as Matches Fashion, the online retailer which collapsed into administration in 2024, is poised for a comeback next year.
A Phoenix from the Ashes: The New Acquisition
Matches Fashion has been acquired by Joe Wilkinson and Mario Maher, the founders of the luxury shopping application Mile. The deal includes the Matches brand and its in-house label, Raey. According to reports from Vogue Business, these assets will become part of a new luxury conglomerate named Hulcan.
The purchase marks a dramatic turn for the retailer, which fell into administration in March 2024 under the ownership of Mike Ashley's Frasers Group. At the time of its collapse, it was reported that Matches owed a staggering sum exceeding £210 million to prestigious designer brands, including giants like Gucci and Anya Hindmarch.
From Collapse to Comeback: A Troubled History
Frasers Group had purchased Matches from private equity firm Apax Partners for approximately £52 million just months before its failure. However, the business proved unsustainable. In a statement to shareholders, Frasers revealed that Matches had consistently missed its financial targets and was burning through cash.
For the financial year ending January 2023, the company recorded a substantial loss of £33.5 million. Frasers concluded that the scale of change and funding required to save the business was not viable, leading the directors to place it into administration. Despite this, Frasers reiterated its commitment to the luxury market.
The Vision for a Reborn Matches
Speaking about their plans for the revived brand, Mario Maher emphasised a desire to preserve its core identity. "We want to keep the heritage of Matches and what everyone knew Matches for: curation, exclusivity, and strong product," he stated. "We’ll still keep that core. But it will be different from what it was. It will definitely have a new angle."
Joe Wilkinson framed the acquisition as a pivotal moment, signalling a broader ambition. "This is a big moment for us. We’re bringing brands, media, and technology together into one ecosystem built for the future of luxury," he said. "We’re not just building places to shop…We want to shape how people discover, experience, and connect with brands."
He highlighted the duo's six-year track record with Mile, stating they had proven an ability to innovate, scale responsibly, and create value for both brands and customers, giving them momentum for this new chapter.
Primarily an online player, Matches also formerly operated several physical boutiques in London. Its planned return in 2026 will be closely watched as a test case for brand resurrection in the volatile high-end retail sector.
