The Iconic Matches Name Returns with $150 Million in 2026

Matches, the iconic London-based luxury fashion retailer, is staging a dramatic return nearly two years after its collapse into administration. Hulcan, a fresh luxury group led by Joe Wilkinson and Mario Maher, has snapped up the intellectual property rights for Matches and its beloved in-house label Raey from Frasers Group. The duo, who founded the LVMH-backed members-only shopping app Mile (formerly Heat), plans to relaunch both brands in 2026 with a revamped model blending innovation, community, and profitability.​

This acquisition caps a wild ride for Matches, originally built by Ruth Chapman and Tom Chapman into a go-to destination for curated luxury with both online and physical stores. Frasers Group bought the struggling e-tailer for £52 million in December 2023, only to place it into administration three months later due to massive restructuring needs and funding shortfalls. The fallout hit hard: over 270 employees lost jobs, and suppliers were left owed around £50 million, with Frasers later repurchasing IP rights for £20 million plus VAT before flipping them to Hulcan.​

Hulcan enters with serious firepower, securing $150 million in funding from heavyweights like Frasers Group, Palm Angels founder Francesco Ragazzi, PagsGroup, Antler, LVMH Luxury Ventures, the Hermès family, Stefano Rosso, and Carmen Busquets. Joe Wilkinson said, “We’re bringing brands, media, and technology together into one ecosystem built for the future of luxury.” Mario Maher added, “We are committed to preserving the unique heritage of Matches, while driving its digital transformation and developing the distinctive voice of Raey into the next chapter within our offering. This framework is the foundation for the modern, connected luxury group we are building.” The group positions Matches—now simplified to just “Matches”—Mile, and Raey as core pillars, aiming to rebuild supplier ties and deliver a modern omnichannel experience.​

Fashion insiders buzz about Raey’s comeback, famed for its elevated basics like puddle-hem jeans that nailed trends early and sumptuous cashmere. Wilkinson shared excitement around Raey, saying, “We’re bringing brands, media, and technology together into one ecosystem built for the future of luxury…We’re not just building places to shop… we want to shape how people discover, experience, and connect with brands.”

Frasers Group’s Michael Murray also adds that, “We’re proud to support their vision, offering strategic guidance and global retail expertise as they relaunch Matches and Raey to unlock [their] full potential.”​

In a tough luxury market squeezed at both affordable and high ends, this move sparks hope for bold curation of diverse, next-gen labels. Hulcan promises more on leadership, timelines, and expansion next year, with Wilkinson stressing a clean-slate approach: What’s in the past is in the past. Shoppers and editors mourned Matches and Raey deeply—expect the 2026 relaunch to feel like Christmas come. 

For brands, this matters: the new Matches is a clean legal entity, but it inherits a complex emotional legacy around unpaid orders and trust. Hulcan has already signalled that rebuilding supplier relationships is a top priority, with industry reports noting early outreach to key labels and a focus on transparent terms.​

Who Is Hulcan and Why It Matters

Hulcan is a new luxury group co-founded by Joe Wilkinson and Mario Maher, the millennial entrepreneurs behind members-only shopping app Mile (previously known as Heat). Their model blends exclusive product drops, community-driven shopping, and content, a formula that resonated strongly with younger luxury consumers and caught the attention of strategic investors.

What Changes for Matches and Raey

The reborn Matches will drop the old “Matchesfashion” styling and lean into a tighter, more focused expression of the brand. Reports indicate the new platform will launch digitally first, with a potential return to physical spaces in London and other key cities later, likely via pop-ups or experience-led formats rather than legacy flagship stores. The strategy is to keep the editorial DNA—sharp buys, new-label discovery, and strong styling—while stripping out unprofitable breadth and heavy discounting that previously eroded margins.​

For Raey, the plan is more than a simple reboot. Industry sources note that Hulcan views Raey as a high-potential, standalone luxury label with a cult following around its puddle-hem denim, cashmere, and clean, androgynous tailoring. The new owners are expected to invest in clearer brand positioning, more direct-to-consumer storytelling, and tighter distribution so that Raey can sit credibly alongside the designer names Matches carries, rather than being treated as an add-on private label.​

Why the Industry Cares

The collapse of Matches was seen as a warning sign for multi-brand luxury retail, coming after turbulence at players like Farfetch and against a backdrop of softer luxury demand in Europe, the US, and China. Many questioned whether the multi-brand e-commerce model was fundamentally broken, given high return rates, customer acquisition cost,s and heavy discount pressure. This relaunch is, in effect, a live test of whether a leaner, content-driven, community-powered version of that model can work.​

What Shoppers Should Expect in 2026

For shoppers, the 2026 relaunch will likely feel less like a simple “website back online” moment and more like a new concept wearing a familiar name. Expect a tighter brand roster, more exclusive capsules, and integrated storytelling that runs across Matches, Mile, and Raey rather than three disconnected platforms. Editors and former loyal customers who loudly mourned the loss of Matches and Raey will be watching closely to see whether the new owners can keep the soul of the brand while finally making the numbers work.