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Hulcan co-founders Mario Maher and Joe Wilkinson have purchased the intellectual property rights to defunct London-based e-tailer Matches and its in-house fashion label, Raey, with plans to relaunch both with a new business model next year, they announced on Wednesday.
“We’re committed to preserving the heritage of Matches while driving its digital transformation, and to shaping the next chapter of Raey with a clear and distinctive voice,” said Maher in a statement.
The move comes as fashion brands and retailers seek new ways to attract inflation-weary shoppers and pull out of a two-year slump in demand for luxury fashion which has hit department stores and other multi-brand retailers especially hard.
Maher and Wilkinson set up mystery box company Heat in 2019, selling high-end streetwear. The startup attracted investors including LVMH Luxury Ventures, and the pair later launched the members-only shopping app Mile, which sells a selection of unsold fashion from brands including Jacquemus, Givenchy, Maison Margiela and Brunello Cucinelli.
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The pair’s Hulcan group brings together Matches, Raey and Mile with plans to build “meaningful, long-term relationships” with brand partners, accelerating Mile’s growth and relaunching Matches as a “highly curated, omnichannel experience fit for the future,” Maher said.
Raey will be focused on “redefining wardrobe staples through minimalist, elevated design.”
Previously known as Matchesfashion, the retailer was founded in 1987 by Tom and Ruth Chapman. They brought brands like Prada and Bottega Veneta to the UK, setting up brick-and-mortar stores before moving online in 2007. The company expanded to offer more than 500 brands, reaching peak sales of £431 million in 2019.
But the online model proved challenging, with few players reaching profitability. Competitor Farfetch was saved from bankruptcy by South Korean retailer Coupang in 2023 while Mytheresa acquired struggling Net-a-Porter this year. Matches, meanwhile, was purchased by Frasers Group in 2024, but was closed just two months later, dealing a blow to independent brands who had relied on the platform to reach shoppers.
Investors in Hulcan, which has secured $150 million, include Frasers Group, Palm Angels founder Francesco Ragazzi and PagsGroup, alongside existing investors in Mile, including Antler, LVMH Luxury Ventures, the Hermès Family, Stefano Rosso and Carmen Busquets.
Laura Weir, chief executive of the British Fashion Council, said she spoke with the entrepreneurs about the project and stressed the role of Matches historically as a route to market for British designers.“We hope this next chapter restores that spirit and creates renewed opportunity for UK talent to be seen, supported and scaled,” said Weir.
Learn more:
Why Frasers Group Shuttered Matchesfashion
In the latest blow to the luxury e-commerce sector, the embattled Matches is closing down just over two months after being acquired by Frasers Group as relationships with brands have reportedly soured.
