Frasers Group has sold Matches Fashion to Hulcan, a new luxury retail group led by Joe Wilkinson and Mario Maher. This ends a rocky chapter for the previously bankrupt e-tailor Matches, which Frasers bought for £52 million in late 2023 before putting it into administration a few months later. Now, the brand’s intellectual property, including its in-house label Raey, will be relaunched under Hulcan’s leadership, backed by $150 million in investment from LVMH Luxury Ventures, the Hermès family, and Palm Angels founder Francesco Ragazzi.
Wilkinson and Maher bring experience in luxury ecommerce, having founded the members-only app Mile and the Gen Z-focused platform Heat. With Hulcan, they aim to build a tech-driven ecosystem that combines tradition with new ideas, including Matches as a premium platform focused on discovery. The full relaunch is set for 2026 and the intention is to offer curated digital experiences for fashion-conscious and tech-savvy users while keeping the brand’s luxury identity.
Frasers’ ‘Elevation Strategy’ still ongoing
Despite the sale of Matches, Frasers Group is pressing on with its ‘Elevation Strategy’, which aims to attract a broader audience and boost growth by strengthening appeal with existing brands like Nike, increasing digital innovation, and diversifying its portfolio with premium brands. Under group CEO Michael Murray’s leadership, Frasers has invested in upgrading stores and acquiring brands that resonate with aspirational consumers. Recent acquisitions, including Gieves & Hawkes and Studio Retail, show how the company is buying distressed assets and repositioning them for growth. The company is currently mulling a bid for fashion platform SilkFred.
However, three months after acquiring Matches in December 2023, Frasers placed the company into administration, stating that it had “consistently missed its business plan targets and, notwithstanding support from [Frasers], has continued to make material losses”, according to Retail Week. This drew criticism from Matches’ staff and suppliers, including former CEO Nick Beighton, who claimed the business could have been revived.
Commenting on the sale to Hulcan, Michael Murray said: “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 its full potential.”
What the sale means for luxury retail
For the UK luxury sector, Hulcan’s entry could be transformative. Joe Wilkinson has spoken about his vision to “shape how people discover, experience, and connect with brands”, and the founding duo has the digital expertise and solid financial backing to turn that vision into reality. However, success will depend on Hulcan’s ability to balance exclusivity with accessibility – a challenge that has eluded many in luxury ecommerce.
Matches now has a second chance to shine under Hulcan’s vision. Whether it succeeds will be one of the most interesting stories in luxury retail over the next year.
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