Y/Project, the Parisian fashion brand known for its playful proportions and its sartorial wit, is shuttering after 14 years due to failing to find a buyer.
The fashion brand issued a statement, which read: “It is with great gratitude and sadness that the Y/Project team announces we will be officially closing the brand after 14 incredible years.
“We could not have achieved such success without the unwavering support of our Y/P partners, collaborators, and fans and we cannot extend enough thanks to you all for your unwavering dedication throughout the years.”
Y/Project is the latest brand to fall victim to the slowdown in luxury spending. This news adds to the slew of closures from similar fated brands such as Mara Hoffman, The Vampire’s Wife, Calvin Luo and Dion Lee, to name a few.
Small designer brands have been left with little option but to close after the demise of multi-brand retailers, such as Matches, and the after-effects of the Covid pandemic.
For the year ending 30 September 2024, Y/Project’s revenues sat at 9.443k euros and court documents, seen by WWD, indicated that the company suspended payments to creditors in September 2024. Cash struggles became apparent in February of last year when the brand cancelled its Paris Fashion Week show last minute, citing “uncertain times” as the reason why.
By 26 September, Y/Project was placed into receivership by a Paris commercial court following the death of Gilles Elalouf, who co-founded the brand with the late Yohan Serfaty, and the departure of Creative Director Glenn Martens.
Glenn Martens
Its Creative Director Glenn Martens, who also served as Creative Director for Diesel, started working at the brand at its inception as Serfaty’s first assistant, later taking over after he died in 2013.
Daniel Elalouf, Gilles’ brother, inherited his majority stake in the fashion firm. He has plans to donate several archive looks in honour of Gilles Elalouf to institutions including the Metropolitan Museum of Art in New York City; Antwerp’s MoMu fashion museum; Palais Galliera, the fashion museum of Paris, and the French capital’s Musée des Arts Décoratifs.
