Mishcon de Reya has successfully advised Hulcan on its acquisition of the Matches and Raey brands, and securing $150 million in strategic capital, marking a significant milestone for the luxury retail sector.
Founded by Joe Wilkinson and Mario Maher, Hulcan now operates Mile, Matches and Raey, following the acquisition from Frasers Group. The return of Matches and Raey is significant because both brands were recently closed by their previous owner, Frasers Group. Their relaunch under Hulcan represents a major development in the luxury retail sector, restoring two established names to the market and demonstrating renewed investor confidence in the space. The deal positions Hulcan to relaunch Matches and Raey in 2026, backed by a global network of fashion and retail leaders including Frasers Group, Francesco Ragazzi, PagsGroup, and existing Mile investors such as Antler, LVMH Luxury Ventures, the Hermès family, Stefano Rosso and Carmen Busquets.
The Mishcon de Reya team, including Emma O'Rourke, Zaheer Nabi, Christia Malaktou, Danny Whittaker and Julien Amoruso, was led by Corporate Partners Chris Keen and Hayley Cross.
Hayley Cross, Partner at Mishcon de Reya, commented: “We are so pleased to have supported Joe and Mario on this transaction. We have worked with the team for many years and Joe and Mario have never slowed down in their drive to grow. The acquisition of Matches and Raey, alongside a substantial capital raise, is a testament to this and their ambitions for Hulcan in the coming years. This deal is a fantastic reflection of innovation in luxury retail and the strength of Joe and Mario's reputation within the sector. It was a pleasure to work with the Hulcan team and we look forward to supporting them as they embark on this exciting new chapter.”
Emma O’Rourke, Associate at Mishcon de Reya, added: “Having worked closely with Joe, Mario and the team over the years, it is so exciting to see their vision come to life and to play a part in helping bring together these iconic brands on this milestone transaction. I look forward to seeing how Hulcan will shape the future of luxury retail and continuing to support the team on their journey!”
Joe Wilkinson, Co-Founder and CEO of Hulcan, said: “With the backing of our investors and partners, we’re stepping into this next chapter with real momentum. We’ve built everything from the ground up, proving we can innovate, scale responsibly, and create real value for both brands and customers. The Mishcon de Reya team were key in assisting this big milestone for us! We’re excited to relaunch Matches and Raey, and to shape how people discover, experience, and connect with brands.”