She notes that, depending on the price point and brand positioning, the new owners might reassess whether to make Raey in the UK. However, establishing new relationships “can take time and be costly”.
With the impact still fresh in suppliers’ memories, restarting relationships could take some convincing. “The Matches situation really hit us hard,” says Roy Powley, who runs Leicestershire-based jersey fabric and clothing manufacturer Riverside Design & Textiles, with his wife Helen. Raey was one of their biggest clients; the closure left them thousands of pounds out of pocket. “The experience has left us quite cynical of larger organizations. We have been approached by another well-known label for our product and have had to say we won’t take the order without a deposit, and a strict 30 days balance of invoice. We hope they’ll understand.”
Powley says he would be “very reluctant” to deal with Matches again if it was still connected to past ownership, noting that Frasers Group is still involved as a financial backer. “And if we did, it would be on a proforma basis,” he adds. (This would require payment from Matches upfront based on details provided in a proforma invoice, before goods were manufactured or dispatched.) He doesn’t rule it out entirely though, pointing out that Riverside is a small family business that cannot afford to turn down potential customers if the risk can be managed.
“Given the public nature of the collapse, [the new owners] will need a clear narrative for suppliers, partners, and customers about what’s changed and how they’re moving forward responsibly,” says Kakkar.
“We know there are going to be questions,” Wilkinson told Vogue Business when the acquisition was announced. “We know there are going to be all sorts that come [our] way. But this is a new business, in a way. What’s in the past is in the past. It’s something we’re going to navigate because we think it’s worth it.”
Rebuild around today’s luxury consumer
The luxury shopping landscape has shifted dramatically over the past two years. In 2024, the market contracted for the first time (excluding Covid) since the great recession, and an estimated 50 million consumers were priced out of the luxury bracket, according to a study by management consultancy Bain in partnership with Italian luxury goods association Altagamma. Then, the outlook for 2025 was clouded by tariffs. The market is expected to return to growth in 2026, up between 3% and 5%, per Bain, but many of the issues that drove the slump are still prevalent.
The luxury consumer has become more value conscious and discerning, reflecting economic headwinds and rising prices. Shoppers are increasingly prioritising quality, craftsmanship and authentic brand storytelling over purely aspirational purchases, while younger consumers are driving growth in smaller, accessible categories like beauty and eyewear. Resale and alternative channels are gaining traction as buyers seek sustainability, uniqueness and better value. At the same time, luxury consumers expect meaningful experiences, curated content and community engagement.
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