So now we know what the intriguing holding page was all about for Matches. The defunct online luxury retailer and its Raey own-brand have been acquired by a brand new luxury group.
Hulcan’s founders Joe Wilkinson and Mario Maher
Two years after it went into administration and was bought by Frasers Group, Joe Wilkinson and Mario Maher have acquired it.
They’re the founders of members-only shopping app Mile (formerly known as Heat), which is backed by LVMH. Matches, along with Mile, will be part of their new luxury group Hulcan.
Matches and Raey will be relaunched in 2026 with “will relaunch in 2026 with a new business model focused on redefining luxury retail through innovation, community and profitability”.
It looks like Raey will be a bigger part of the launch as it’s listed along with Mile and Matches as a separate brand on the Hulcan website.
The company has funding (reportedly $150 million) backed by Frasers Group, Palm Angels founder Francesco Ragazzi, PagsGroup, and Mile investors including Antler, LVMH Luxury Ventures, the Hermès family, Stefano Rosso and Carmen Busquets.
There has been a deluge of speculation about whether Matches would return after the much-loved business was closed by Frasers Group just a few months after it acquired it. And with the consolidation that’s been seen since in the luxury sector there could be a place for the revived business. The new owners certainly have some heavyweight players believing in them but we’ll just have to wait and see.
For now, Joe Wilkinson said: “This is a big moment for us. We’re bringing brands, media, and technology together into one ecosystem built for the future of luxury. We’re not just building places to shop…We want to shape how people discover, experience, and connect with brands. 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.”
Mario Maher, the other co-founder, added: “This strategic decision directs our focus on building deeper collaborative ties with our brand partners, while accelerating the growth of Mile and the evolution of 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. This framework is the foundation for the modern, connected luxury group we are building.”
And what of Frasers? Its 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.”
