Matches to Relaunch: Mile’s Founders Secure Brand from Frasers, Plan Revival

Matches is coming back, but it’s not coming back the same. The British luxury ecommerce, which shut down after going into receivership in 2024, has been acquired by Joe Wilkinson and Mario Maher, founders of shopping app Mile, along with Raey, their own brand.

As advanced by Vogue Business, the operation is articulated through a new holding company, Hulcan, which will integrate Mile, Matches and Raey and plans to relaunch both in 2026. The buyers promise to preserve the historical DNA of the name, with the idea of bringing a “new angle” to the project.

The purchase comes backed by capital and, above all, names. Hulcan claims to have raised $150 million in strategic funding, citing Frasers Group and LVMH Luxury Ventures among the vehicle’s backers.

Matches reopens debate on multi-brand luxury with relaunch next year

Matches staged a traumatic closure. Frasers bought the company for 52 million pounds ($69 million) in December 2023 and, in March 2024, placed it into receivership after concluding that the restructuring required too many changes and financing “way beyond” what was affordable.

The process involved 273 layoffs and ended with the bankruptcy of the operating business, with suppliers and brands at the center of the blow. The company accumulated around 50 million pounds ($66 million) of debt with vendors, according to industry sources.

In parallel, Frasers repurchased the intellectual property tied to Matches for 20 million pounds plus VAT ($26 million). That nomenclature is what now passes to Hulcan, which keeps the name, the legacy and the possibility of redefining the model without dragging along the perimeter that collapsed.

For Wilkinson and Maher, Matches will not be a discount player. That’ s no small nuance, given their track record at Heat and the subscriber nature of Mile, and anticipates a battle to reposition “multi-brand” as more than catalog.

The British company has a demanding financial track record

The difficulty is not only reputational. It is also financial. In the year ended January 2023, Matches reduced turnover to 380.1 million pounds sterling ($506.8 million) and posted a pre-tax loss of around 70 million pounds ($93 million).

For reference, the previous year’s sales were 386.6 million pounds ($518 million). That bar helps to understand why the market will be watching the relaunch with a magnifying glass.

Hence, the “new angle” will soon have to materialize in tangible levers such as its differential proposal for brands, logistical efficiency, returns control and a narrative capable of justifying margin without entering into a promotional war.