Matches is back, just under two years after the online fashion retailer filed for bankruptcy.
Joe Wilkinson and Mario Maher, founders of LVMH-backed, members-only shopping app Mile and formerly mystery box retailer Heat, have acquired Matches as well as its clothing line Raey from Frasers Group in an undisclosed deal. Both will become part of Wilkinson and Maher’s newly established luxury group, Hulcan.
Hulcan will relaunch both Matches and Raey in 2026, with full plans to be announced in the New Year. It was Matches’s heritage that drew the young entrepreneurs to the deal. “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,” says Maher, speaking exclusively to Vogue Business.
Hulcan, which now operates Mile, Matches and Raey, has secured $150 million in strategic capital from a global network of fashion and retail leaders, including Frasers Group, Francesco Ragazzi (founder and creative entrepreneur behind Palm Angels and Reservation) and PagsGroup, alongside existing Mile investors such as Antler, LVMH Luxury Ventures, the Hermès family, Stefano Rosso and Carmen Busquets.
“We’re not just building places to shop...We want to shape how people discover, experience, and connect with brands,” says Wilkinson. “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.”
Even with such weighty strategic backing, Hulcan faces the difficult task of reviving Matches in a challenging luxury retail climate. Frasers Group acquired the ailing e-tailer for £52 million in December 2023. Just three months later, it was announced that Matches was to be put into administration, after it “became clear that too much change would be required to restructure it, and the continued funding requirements would be far in excess of amounts that the group considers to be viable”. More than 270 Matches employees were made redundant the next day, and the company was eventually wound down, owing approximately £50 million to brand vendors. During that time, Frasers repurchased the rights to use Matches’s intellectual property for £20 million plus VAT. That IP has now been sold to Hulcan.
Hulcan’s founders feel well placed to steer Matches back to profitability, as they’re able to start from scratch. “I think the difference with us is that we are an agile organization. We re a small team, and we’re very forward thinking,” Wilkinson says. “We’ve purchased the assets and IP. So we have sort of a clean run to really do what we think should be done with the platform, and bring it back to a great place.”
Wilkinson, a former personal shopper, sourcer and stylist, and Maher, a former banker, both grew up in Sheffield, UK. They met in London in 2019 and launched fashion mystery box platform Heat shortly after. Heat partnered with luxury labels such as Off-White and Balenciaga to monetize unsold inventory via drops of surprise merchandise in mystery boxes. Then, in spring 2024, Wilkinson and Maher transformed Heat into Mile, a members-only shopping app that offers discounted and exclusive products from 150 luxury brands, including Brunello Cucinelli, Marni and Comme des Garçons. Membership is tiered, starting from £10 per month, with higher tiers unlocking full stock access, additional benefits and the ability to purchase up to 25 items per month.
Though their previous experience lies in off-price, Gen Z-focused retail, Wilkinson assures Matches won’t be an off-price retailer, but rather “the polar opposite”. So we can glean it’s going to be high-end retail, albeit perhaps with a different business model than Matches 1.0. “Historically, there has been a lot of the same in retail,” Wilkinson says. “We always like to do something different, as we did with Heat in the past, as we did with Mile. This will be different too. It’s not what people expect.”
Matches may have strong heritage, but many brand and supplier relationships were damaged during the Frasers Group acquisition and closure. “We will navigate in real time,” Wilkinson says. “We know there are going to be questions. We know there are going to be all sorts that come [our] way. But this is a new business, in a way, what s in the past is in the past. It’s something we re going to navigate because we think it s worth it.”
“What has excited us is that we can bring something so iconic back to life,” Maher adds.
For some Matches devotees, the relaunch of Raey will be the source of excitement. The premium in-house brand developed a cult following for its elevated basics, priced slightly more affordably than the average Matches-stocked label. Wilkinson and Maher saw the opportunity in reviving the label and adding a brand to Hulcan’s stable. “We’re really excited about the Raey piece,” Wilkinson says. “We’re excited to develop product. We’re excited to build on the brand.” The duo didn’t confirm if they will use Raey’s former suppliers, but now the deal is done, “nothing is off the table”, Maher notes, as they plan into next year.
Like Frasers Group’s Michael Murray, Wilkinson and Maher are millennial, digitally savvy CEOs who are banking on multi-brand retail, despite the headwinds.
“We are extremely bullish about the luxury industry,” Maher says. “I know where a lot of people are very hesitant or pulling back, we’re doubling down on what we know. What we’re really good at — connecting with customers.”
Frasers Group CEO Murray underscored his faith in Wilkinson and Maher in a statement made following the sale. “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,” he said. “[Frasers Group] is proud to support their vision, offering strategic guidance and global retail expertise as they relaunch Matches and Raey to unlock their full potential.”
For Hulcan, the plan is further scale and acquisitions, Wilkinson and Maher say; in fact, they already have their eye on some potential investments for next year. Further announcements will follow next year regarding Hulcan’s leadership team, expansion plans, and the relaunch of Matches and Raey.
