Read on FashionNetwork.comMatches and Raey Acquired by New Luxury Group Hulcan
The defunct online luxury retailer Matches and its Raey own-brand have been acquired by a new luxury group, Hulcan, founded by Joe Wilkinson and Mario Maher. The founders, who also run the members-only shopping app Mile, plan to relaunch both Matches and Raey in 2026. The acquisition, backed by $150 million in funding from investors including Frasers Group and LVMH Luxury Ventures, signals a potential revival for the beloved luxury e-commerce platform under new, founder-led management focused on curation and innovation for a new generation.
The luxury e-commerce landscape is witnessing a significant revival. The defunct online retailer Matches and its in-house label Raey have been acquired by a newly formed luxury group named Hulcan, according to a report by Vogue Business. This move ends months of speculation about the fate of the much-loved platform and marks a strategic pivot under founder-led leadership aiming to redefine luxury retail.
The Acquisition and Key Players
The acquisition was executed by Joe Wilkinson and Mario Maher, the founders of the members-only shopping application Mile (formerly known as Heat). Their new venture, the Hulcan group, will house Matches, the Raey brand, and Mile under one umbrella. The deal represents a notable transaction, coming two years after Matches initially entered administration and was subsequently purchased by British retail conglomerate Frasers Group.
Strategic Vision for the Revival
Wilkinson and Maher have expressed a clear vision for the revived entities. In statements reported by Vogue Business, they highlighted their attraction to Matches' established heritage, particularly its strengths in curation, exclusivity, and product selection. Their goal is to preserve these core values while introducing "a new angle" to the business model. The relaunch of both Matches and the Raey brand is scheduled for 2026, with more details expected to be announced in the new year.
Financial Backing and Industry Confidence
The venture is underpinned by substantial financial support, with reported funding of $150 million. This capital is backed by a consortium of influential investors, including Frasers Group, Palm Angels founder Francesco Ragazzi, PagsGroup, and existing Mile investors such as Antler, LVMH Luxury Ventures, members of the Hermès family, Stefano Rosso, and Carmen Busquets. This level of investment from heavyweight industry players indicates strong confidence in the founders' strategy and the potential of the revived brands within a consolidating luxury sector.
Implications for the Luxury Market
The acquisition and planned relaunch occur against a backdrop of ongoing consolidation in the luxury industry. The closure of Matches by Frasers Group just months after its initial acquisition left a gap in the market for a curated, multi-brand luxury e-tailer. Hulcan's entry, with its focus on building "innovative brands across media, e-commerce, retail and fashion for a new generation of consumers," as stated on its website, suggests a modern, integrated approach to luxury. The revival of the Raey brand as a separate, highlighted entity on the Hulcan site also points to a strategy that values owned brands alongside curated marketplaces.
In conclusion, the acquisition of Matches and Raey by the Hulcan group marks a pivotal attempt to resurrect a key player in online luxury retail. Led by experienced founders with significant backing, the relaunch planned for 2026 will be closely watched by the industry. Its success will hinge on balancing the cherished curation of the original Matches with the innovative, multi-brand strategy promised by its new owners. The substantial investor confidence suggests there is a believed opportunity, but the ultimate test will be winning back the loyalty of luxury consumers.
