Frasers Group has sold Matches to the founders of members-only shopping app Mile, who will relaunch the luxury platform next year.
Matches’ intellectual property assets, including its company name and trademark, have been acquired by newly established luxury group Hulcan.
It will relaunch Matches alongside its in-house label Raey in 2026. It was previously reported that the platform would return as a members’ fashion and lifestyle concept.
Hulcan is co-founded by Joe Wilkinson and Mario Maher, the duo behind Mile. The group has gained backing from a group of investors, including Frasers Group, Palm Angels founder Francesco Ragazzi and Pags Group.
They join Mile investors such as Antler, LVMH Luxury Ventures, the Hermès Family, Stefano Rosso, and Carmen Busquets.
Frasers Group chief executive Michael Murray said: “At Frasers Group, we’re committed to investing in the future of luxury – a core pillar of our Elevation Strategy.
“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, engaging the next generation of digital natives.
“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.”
Frasers Group acquired Matches in December 2023 for £52m. It placed the company into administration a few months later, saying it had “consistently missed its business plan targets and, notwithstanding support from [Frasers], has continued to make material losses”.
The Flannels owner bought back the Matches brand name and intellectual property in a pre-pack administration deal in April last year for £19m. The deal excluded the platform’s £80m of stock and 250 employees.
The move left the company’s creditors, which included the likes of Burberry, Gucci and Saint Laurent, owed a combined £50m.
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