LONDON – The Matches name may have been sold to founders of members shopping app Mile, but the retailer’s former townhouse at 5 Carlos Place in Mayfair has landed in the lap of another brand.
Issey Miyake will take over the entire townhouse, the former jewel in the Matches crown and once a temple of immersive retail, VIP experiences, and intimate gatherings with designers, artists and beauty experts.
A source close to Grosvenor, which owns the property, confirmed that Issey Miyake will move into the space in 2026. The brand, and Grosvenor, declined comment.
As reported, the townhouse was not part of the deal when Apax sold Matches to Frasers Group for a knockdown price of 52 million pounds two years ago. A few months after the purchase, Frasers placed Matches into administration and sold off the inventory, leaving many designers and brands with unpaid bills.
The lease reverted to Grosvenor, which has since used it for a variety of high-end commercial and cultural takeovers. The Alexander McQueen foundation Sarabande has showcased the creations of its designers and artists in residence, while Grosvenor has used the space to stage events during Frieze London.
Even though the high-end retailer vacated two years ago, the space is still known as the Matches townhouse because it had become such a destination. It understood that Issey Miyake will use it as a commercial space, London headquarters and for VIP customer events.
The Matches town house on Carlos Place in London before the retailer was sold to Frasers Group.
Coutesy of Matchesfashion and
Shaun James Cox
Wednesday’s sale announcement confirms Matches as an online-only proposition. The retailer’s intellectual property assets, and its in-house clothing brand Raey, will become part of a new group called Hulcan, formed by the Mile co-founders Joe Wilkinson and Mario Maher.
The terms of the transaction were not disclosed.
Hulcan is backed by investors including Frasers Group, Francesco Ragazzi and PagsGroup, as well as existing Mile investors. Those investors include Antler, LVMH Luxury Ventures, the Hermès Family, Stefano Rosso, and Carmen Busquets.
The new group describes itself as uniting “commerce, culture, media, and fashion under one ecosystem, marking a new era in global luxury commerce.” The owners said they plan to re-launch Matches in 2026.
Mile is a members-only shopping app that offers unsold luxury products from more than 150 brands, including Jacquemus, Givenchy, Pucci, Maison Margiela, and Brunello Cucinelli.
It pitches itself as a value proposition, with tiered membership starting from 10 pounds per month. Higher tiers unlock full stock access, additional benefits, and the ability to purchase up to 25 items per month.
