After a difficult period filled with uncertainty about the future of Matches, the struggling British online retailer now appears to have found a more promising home. Hulcan, a new luxury group from the founders of the digital shopping platform Mile, has taken over the company and is preparing a relaunch for 2026.
The transaction, the financial details of which were not disclosed, involves Matches’ intellectual property rights. This includes the company name and brand previously owned by British retail giant Frasers Group. The British retail giant originally acquired Matches in 2023. After initiating insolvency proceedings due to mounting debts, Frasers bought back some of the assets in mid-2024,
Matches relies on new business model to “redefine luxury retail”
Matches now belongs to a newly formed group together with Mile and the in-house label Raey. This has already received support from leading global fashion companies, including Frasers Group, LVMH Luxury Ventures Advisors and members of the Hermès family. According to the company, with the support of investors, a new business model will be implemented as part of the relaunch, which will focus on “redefining luxury retail through innovation, community and profitability.”
In a statement, Mario Maher, who co-founded Mile and Hulcan with Joe Wilkinson, called the acquisition a “strategic decision.” The focus is shifting to “deeper partnership relationships” with brand partners. In addition, the growth of Mile and Matches “to become a modern, highly curated omnichannel experience” will be accelerated.
“We are committed to preserving Matches’ unique legacy while driving digital transformation. We will also continue to develop Raey’s distinctive voice into the next chapter of our offering,” Maher added.
Hulcan reportedly raises $150 million from industry investors
For Frasers, the sale represents a partial withdrawal from an increasingly difficult relationship. After the company acquired Matches in 2023 for 52 million British pounds (62 million euros) and sent it into administration just a few months later before buying back the intellectual property rights, financial problems continue to simmer beneath the surface. The creditors are still owed millions.
The plans for a relaunch of Matches in 2025 remained purely speculative. However, in May, rumors began circulating about a possible move to a membership model. The Times newspaper reported that the e-tailer could see a more exclusive revival. It is still unclear whether this format will actually be implemented under Hulcan. Details about the relaunch will be announced next year.
Frasers Group remains an investor in Hulcan. According to a report by trade publication Vogue, the company has secured a total of $150 million (€143 million) in strategic capital from its global fashion and retail partner. Frasers Group’s investment in the new company is part of the group’s “Elevation Strategy”, which aims to further integrate Frasers’ portfolio with the luxury and premium segment.
Michael Murray, the CEO of Frasers, explained the decision: “At Frasers Group, we are committed to investing in the future of luxury – a central pillar of our ‘Elevation Strategy’. Mile’s success under Joe and Mario’s leadership reflects their deep understanding of today’s luxury consumer. Hulcan will build on this momentum and appeal to the next generation of ‘digital natives’,” he said in a statement. “We are proud to support their vision and offer strategic advice and global retail expertise as they match and reboot Raey to its full potential.”
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