Matches, the luxury fashion retailer wound down earlier this year, is to return under new ownership after its brand assets and in‑house label Raey were acquired by Joe Wilkinson and Mario Maher, the founders of members‑only shopping app Mile.

The pair have formed a new luxury group, Hulcan, and plan to relaunch Matches and Raey in 2026, with fuller details to be announced in the New Year.

Speaking about the deal to Vogue Business, Maher said the appeal lay in Matches’ long standing reputation for edit and exclusivity. “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,” he told Vogue Business.

Wilkinson signalled a broader ambition for Hulcan’s multi‑brand platform. “We’re not just building places to shop…We want to shape how people discover, experience, and connect with brands,” he said, adding that the team had proved it could “innovate, scale responsibly, and create real value for both brands and customers”.

Hulcan has secured 150 million dollars in strategic capital from a network of fashion and retail investors, including Frasers Group, Francesco Ragazzi and PagsGroup, along with existing Mile backers such as Antler, LVMH Luxury Ventures, the Hermès family, Stefano Rosso and Carmen Busquets. While Mile is LVMH‑backed and off‑price in orientation, Wilkinson stressed Matches will not be off‑price. “This will be different too. It’s not what people expect,” he said.

The acquisition follows a turbulent period for Matches. Frasers Group bought the ailing e‑tailer for £52 million in December 2023 before placing it into administration three months later, citing the scale of restructuring required and funding needs. More than 270 employees were made redundant and the business was wound down, with approximately £50 million owed to brand vendors. Frasers later repurchased the rights to use Matches’ intellectual property for £20 million plus VAT, which have now been sold to Hulcan.

Rebuilding supplier and brand relationships will be a priority. “We will navigate in real time,” Wilkinson said. “We know there are going to be questions… But this is a new business, in a way, what’s in the past is in the past”. Raey, Matches’ in‑house label known for elevated basics, will return alongside the retailer. “We’re really excited about the Raey piece… to build on the brand,” Wilkinson said.

Frasers Group’s Michael Murray expressed confidence in the new owners, noting their “nuanced understanding of today’s luxury consumer” and pledging strategic guidance as Matches and Raey relaunch. Hulcan said further announcements covering leadership, expansion plans and the relaunch timeline will follow next year.

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