What's Happening?
Hulcan co-founders Mario Maher and Joe Wilkinson have announced the acquisition of the intellectual property rights to the defunct London-based e-tailer Matches and its in-house fashion label, Raey. The duo plans to relaunch both entities with a new business model next year. This move is part of a broader strategy to revitalize the brand and adapt to the changing landscape of luxury fashion retail. Matches, previously known as Matchesfashion, was a prominent retailer that introduced brands like Prada and Bottega Veneta to the UK market. However, the company faced challenges with its online model, leading to its closure shortly after being acquired by Frasers Group in 2024. Hulcan aims to transform Matches into a 'highly curated, omnichannel
experience' and redefine Raey's offerings with minimalist, elevated designs. The relaunch is supported by a $150 million investment from various stakeholders, including Frasers Group and LVMH Luxury Ventures.
Why It's Important?
The relaunch of Matches and Raey under Hulcan's leadership is significant for the luxury fashion industry, which has been struggling with a two-year slump in demand. By reviving these brands, Hulcan seeks to attract inflation-weary shoppers and provide a platform for independent brands to reach consumers. This initiative could potentially restore Matches' role as a key market route for British designers, offering them renewed opportunities for visibility and growth. The involvement of major investors like LVMH Luxury Ventures underscores the confidence in Hulcan's strategy and the potential for a successful turnaround. The move also highlights the ongoing challenges and transformations within the luxury e-commerce sector, as companies adapt to shifting consumer behaviors and economic conditions.
What's Next?
Hulcan plans to focus on building long-term relationships with brand partners and accelerating the growth of its members-only shopping app, Mile. The relaunch of Matches and Raey is expected to take place next year, with a focus on digital transformation and a distinctive brand voice. The success of this initiative will depend on Hulcan's ability to effectively navigate the competitive luxury retail landscape and meet the evolving demands of consumers. Industry stakeholders, including the British Fashion Council, are hopeful that this new chapter will create opportunities for UK talent and support the growth of independent designers.
