Founders of members-only platform Mile acquire Matches, prepare for 2026 relaunch

After a tenuous period that brought uncertainty to the future of Matches, it appears the ailing British e-tailer may have found a more promising home. Hulcan, a new luxury group created by the co-founders of members-only platform Mile, has stepped up to acquire the company as it prepares for a 2026 relaunch.

The deal – financial details of which remain undisclosed – involves the intellectual property assets of Matches, including its company name and trademark, which had been owned by British retail giant Frasers Group. The British retail giant initially acquired Matches in 2023, and later reacquired part of its assets mid-2024 following an administration filing triggered by mounting debts.

Matches to take on new business model “redefining luxury retail”

Matches now joins both Miles and its in-house label Raey in a freshly-formed group that has already received backing from global fashion leaders, including Frasers Group, LVMH Luxury Ventures Advisors, and members of the Hermès Family. Through support from investors, its relaunch will usher in a new business model “focused on redefining luxury retail through innovation, community and profitability”.

In a statement, Mario Maher, co-founder of Mile and Hulcan alongside Joe Wilkinson, called the acquisition a “strategic decision", pivoting focus towards “deeper collaborative ties” with brand partners and accelerating the growth of Miles and Matches “into a modern, highly curated omnichannel experience”.

“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,” Maher added.

Hulcan reportedly receives 150 million dollars from industry investors

For Frasers, meanwhile, the sale sees the group partially step back from an increasingly challenging relationship. After snapping up Matches in a 52 million pound deal in 2023, and just months later placing the company into administration before reacquiring its IP, financial trouble has continued to brew under the surface, with unsecured creditors said to be owed millions.

Its plans to relaunch Matches remained solely speculative throughout 2025. However, rumours of a potential shift to a membership model had begun circulating in May, with The Times suggesting that the e-tailer could see a more exclusive revival. It is not clear whether this format will indeed take shape under Hulcan. Details of the relaunch will be unveiled next year.

Frasers Group remains an investor in Hulcan, which, according to Vogue, has secured 150 million dollars in strategic capital from its global network of fashion and retail leaders. The group’s ongoing involvement in the new company builds on an ‘Elevation Strategy’, designed to further intertwine Frasers’ portfolio with the luxury and premium sector.

Speaking on the latest deal, Frasers CEO, 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 its full potential.”