Matches is back, less than two years after the online fashion retailer filed for bankruptcy.
Joe Wilkinson and Mario Maher, founders of the LVMH-backed members-only shopping app Mile (formerly the mystery box retailer Heat), have acquired Matches and its clothing line Raey from Frasers Group in an undisclosed deal. Both brands will become part of Wilkinson and Maher’s newly formed luxury group, Hulcan.
Hulcan plans to relaunch Matches and Raey in 2026, with full details to be announced in the New Year. The heritage of Matches is what attracted the entrepreneurs to the deal. “We want to preserve what Matches was known for: curation, exclusivity, and strong product. That core will remain, but it will be different—it will definitely have a new angle,” Maher told Vogue Business exclusively.
Hulcan, which now operates Mile, Matches, and Raey, has secured $150 million in strategic funding from a global network of fashion and retail leaders. This includes Frasers Group, Francesco Ragazzi (founder of Palm Angels and Reservation), and PagsGroup, alongside existing Mile investors such as Antler, LVMH Luxury Ventures, the Hermès family, Stefano Rosso, and Carmen Busquets.
“We’re not just building places to shop… We want to shape how people discover, experience, and connect with brands,” says Wilkinson. “Over the past six years, we’ve built everything from the ground up, proving we can innovate, scale responsibly, and create real value for both brands and customers. With the backing of our investors and partners, we’re stepping into this next chapter with real momentum.”
Despite this strong backing, Hulcan faces the tough challenge of reviving Matches in a difficult luxury retail market. Frasers Group bought the struggling e-tailer for £52 million in December 2023, but just three months later announced it would be put into administration, stating that restructuring would require too much change and unsustainable funding. More than 270 employees were laid off the next day, and the company was eventually wound down, owing around £50 million to brand suppliers. Frasers later repurchased the rights to Matches’ intellectual property for £20 million plus VAT, which has now been sold to Hulcan.
Hulcan’s founders believe they are well-positioned to return Matches to profitability, as they can start fresh. “The difference with us is that we are an agile organization. We’re a small team, and we’re very forward-thinking,” Wilkinson says. “We’ve purchased the assets and IP, so we have a clean slate to do what we think should be done with the platform and bring it back to a great place.”
Wilkinson, a former personal shopper, sourcer, and stylist, and Maher, a former banker, both grew up in Sheffield, UK. They met in London in 2019 and soon launched the fashion mystery box platform Heat, which partnered with luxury brands like Off-White and Balenciaga to sell unsold inventory through surprise drops. In spring 2024, they transformed Heat into Mile, a members-only app offering discounted and exclusive products from 150 luxury brands, including Brunello Cucinelli, Marni, and Comme des Garçons. Membership is tiered, starting at £10 per month, with higher tiers providing full stock access, extra benefits, and the ability to buy up to 25 items per month.
Although their background is in off-price, Gen Z-focused retail, Wilkinson assures that Matches will not be an off-price retailer but rather “the polar opposite.” This suggests it will be high-end, though possibly with a different business model than before. “Historically, retail has seen a lot of sameness,” Wilkinson says. “We always like to do something different.”This will be different, just as our work with Heat and Mile was in the past. It won’t be what people expect. While Matches has strong heritage, many brand and supplier relationships were strained during the Frasers Group acquisition and closure. “We will navigate in real time,” says Wilkinson. “We know there will be questions and challenges, but this is essentially a new business. The past is the past, and we’ll work through it because we believe it’s worth it.”
“What has excited us is the chance to bring something so iconic back to life,” adds Maher.
For many Matches devotees, the relaunch of the in-house brand Raey will be a particular highlight. It developed a cult following for its elevated basics, which were priced more accessibly than the average label stocked by Matches. Wilkinson and Maher saw an opportunity to revive the label and add a brand to Hulcan’s portfolio. “We’re really excited about Raey,” says Wilkinson. “We’re excited to develop product and build on the brand.” The duo didn’t confirm if they will use Raey’s former suppliers, but now that the deal is complete, “nothing is off the table,” notes Maher, as they plan for next year.
Like Frasers Group’s Michael Murray, Wilkinson and Maher are millennial, digitally savvy CEOs who are betting on multi-brand retail despite the sector’s challenges. “We are extremely bullish about the luxury industry,” says Maher. “While many are hesitant or pulling back, we’re doubling down on what we know and what we’re really good at—connecting with customers.”
Frasers Group CEO Murray expressed his confidence in Wilkinson and Maher following the sale. “The success of Mile under Joe and Mario’s leadership reflects their nuanced understanding of today’s luxury consumer, and Hulcan will build on this momentum to engage the next generation of digital natives,” he said. “Frasers Group is proud to support their vision, offering strategic guidance and global retail expertise as they relaunch Matches and Raey to unlock their full potential.”
For Hulcan, the plan involves further scaling and acquisitions, according to Wilkinson and Maher; they already have potential investments in sight for next year. Further announcements regarding Hulcan’s leadership team, expansion plans, and the relaunch of Matches and Raey will follow next year.
Frequently Asked Questions
Of course Here is a list of FAQs about Matches to Return Under New Ownership designed to cover a range of common questions from basic to more detailed
General Definition
Q What does Matches to Return Under New Ownership mean
A Its a feature in inventory or order management systems that automatically identifies items a customer bought from a company that has since been sold or acquired by a new owner This helps determine the correct return policy and process for those specific items
Q Why is this important for customer service
A It prevents confusion and ensures a smooth return process Without it you might incorrectly apply the current companys policy to an item governed by a previous owners terms leading to customer frustration and potential errors
Process How It Works
Q How does the system match these items
A It typically uses key data points like the original purchase date the SKU or product ID and the date the business ownership changed The system flags any items purchased before the ownership change date
Q What information do I need to check for a match
A You usually need the customers original order number and the item they want to return The system does the matching automatically in the background
Q As a customer how would I know if my return falls under new ownership
A Often you wouldnt know the internal details The key sign is if the return policy or instructions you receive are different from the websites standard policy or if the customer service agent references the previous owners terms
Policies Procedures
Q Which return policy appliesthe old owners or the new owners
A The old owners policy that was in effect at the time of purchase usually applies Legal obligations often require honoring the terms of sale the customer agreed to The new owner may choose to offer a more generous policy as good will but they are typically bound by the original terms
Q What are common differences in policies
A Differences can include the length of the return window restocking fees condition requirements or whether store credit versus a full refund is issued
Q What if the old companys policy is unknown or didnt exist
A In this case the new