UK’s Matches Luxury Retailer to Relaunch in 2026 With New Millennial Owners

Established in 1987, Matches grew to become one of the largest luxury e-commerce channels based in the UK and delivering to over 170 countries. It hosted about 600 brands such as Gucci, Prada, Saint Laurent and The Row. In 2017, Matches was valued at about £800 million, when a private equity firm, Apax Partners bought a majority stake in it. The exact price of the deal was not disclosed.

During the Covid period as difficulties set in for the industry, Matches started to make significant losses. In late 2023, Fraser group bought 100% of the ailing retailer at £52 million. However, within three months, placed it under administration or bankruptcy, firing more than half of the staff while owing brands over £50 million. A month later, Fraser group bought back Matches IP (intellectual property) assets and brand name for £19 million. The intellectual property assets, including Matches company name and trademark are now owned by Hulcan.

Hulcan is backed by leading names in the luxury industry - LVMH Luxury Ventures Advisors, PagsGroup, Francesco Ragazzi, Frasers Group, as well as the Hermès family. Hulcan’s founders -  Joe and Mario are from Sheffield, UK. While Mario was a banker, Joe was a personal shopper before the duo collaborated to build their first luxury retail venture Heat.io in 2019. Heat.io, was a membership driven retail model for aspirational buyers of premium and luxury brands, where goods were sold in ‘mystery boxes’.

At Heat.io, members could purchase mystery boxes with unknown goods in it, at fixed price tiers (for eg  £299) and receive a selection of designer and luxury items valued at 2 to 4 times the box price. The concept was aimed at utilising surplus inventory of luxury brands with some buzz, but without lowering their premium value. Heat’s retail model tapped into the ‘drop culture’ and the psychological thrill of unboxing, which fueled a social media community for the brand.

Heat raised $5 million in seed funding in 2022 from some of the biggest names in the luxury industry. In 2024, Heat was rebranded as Mile, a private, invite-only shopping club, where members can buy discounted luxury products based on their membership tiers that start as low as £10, per month. Unlike Heat, at Mile. members can see the products they want to buy. Mile offers curated luxury goods at significant discounts, including select archival pieces from luxury brands. The invite-only model is aimed at attracting genuine fashion enthusiasts, while keeping flippers at bay.

So far, Hulcan has raised $150 million in strategic capital to run three brands in its portfolio - Matches, Raey and Mile. The founders aim to unite commerce, culture, media, and fashion under one ecosystem, for luxury retail.