December 17, Luxury e-commerce retailer Matches, which ceased operations following insolvency, is set to return under new ownership. Joe Wilkinson and Mario Maher, founders of the members-only luxury shopping app Mile, have acquired the brand assets of Matches along with its in-house label Raey.
The duo plans to relaunch both Matches and Raey in 2026 through their newly established luxury group, Hulcan. Further details regarding the business model and operating structure will be announced progressively in the New Year, with a view toward the 2026 relaunch.
Preserving the DNA of “Curation and Exclusivity”
Speaking to Vogue Business about the acquisition, Mario Maher said the appeal of Matches lay in its long-established editorial strength and distinct identity.
“We want to keep the heritage of Matches and what everyone knew Matches for: curation, exclusivity, and strong product. We’ll still keep that core. But it will be different from what it was. It will definitely have a new angle.”
Joe Wilkinson, meanwhile, described Hulcan not simply as a retail group, but as a platform that integrates brands, media, and technology.
“This is a big moment for us. We’re bringing brands, media, and technology together into one ecosystem built for the future of luxury. We’re not just building places to shop… We want to shape how people discover, experience, and connect with brands. Over the past six years, we’ve built everything from the ground up, proving we can innovate, scale responsibly, and create real value for both brands and customers. With the backing of our investors and partners, we’re stepping into this next chapter with real momentum.”
A New Chapter After Turbulence Under Frasers Group
Matches was founded in 1987 by Tom Chapman and Ruth Chapman as an independent boutique in Wimbledon, southwest London, before evolving into a global luxury e-commerce destination. In December 2023, the business was acquired by Frasers Group.
However, less than three months later, in March 2024, Frasers Group placed Matches into administration and decided to wind down operations. More than 270 employees were made redundant, and unpaid liabilities to brand suppliers were reported to total approximately £50 million. Frasers subsequently repurchased the intellectual property rights to Matches, which have now been sold to Hulcan.
Investor Confidence in “Next-Generation Luxury”
Hulcan is backed by a group of prominent fashion and retail investors, including Frasers Group, PagsGroup, Francesco Ragazzi (founder of Palm Angels), LVMH Luxury Ventures, the Hermès family, Stefano Rosso, and Carmen Busquets. According to reports, the total capital backing the group amounts to approximately $150 million.
Michael Murray, CEO of Frasers Group, commented on the new ownership structure as follows: “At Frasers Group, we’re committed to investing in the future of luxury – a core pillar of our elevation strategy. The success of Mile under Joe and Mario’s leadership reflects their nuanced understanding of today’s luxury consumer and Hulcan will build on this momentum, engaging the next generation of digital natives.”
Wilkinson has also emphasized that while Mile operates on an off-price model, Matches will not follow the same approach, signalling that the relaunched platform will be redefined beyond conventional luxury e-commerce frameworks.
After an extended period of disruption, Matches is once again moving forward. Its revival may serve as a key reference point in understanding the structural evolution of luxury e-commerce.
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