Y/Project is on sale

Y/Project continues to experience a deep crisis. After the announcement of the departure of Glenn Martens from his role as creative director last September and the passing of co-founder Gilles Elalouf in June, on September 26th the French brand was placed under administration by a Paris commercial court. The 2M & Associés firm, appointed to manage the situation, announced that interested buyers have until October 16 to submit their offers. The current owner is Elalouf's brother, who inherited the majority stake after the co-founder's death. Currently, Y/Project has 24 employees and recorded a turnover of just under 11 million euros in 2023. The brand seems to prefer remaining under judicial protection, attempting to continue its activities while searching for a new buyer.

The news did not come as a surprise, especially considering that last year Y/Project had already canceled the FW 2024 show due to liquidity problems. In a context of severe crisis in the fashion sector and internal instability, the departure of Glenn Martens, after 11 years of creative leadership, further fueled investor concerns, raising doubts about the brand's future. Martens, involved with Y/Project since its founding in 2010 by Yohan Serfaty, was named creative director after the founder's premature death in 2013. In 2020, he also took over as creative director of Diesel, holding the dual role until recently. With less than two weeks until the deadline set by the French commercial court, no potential buyer has yet emerged, leaving Y/Project's fate in increasing uncertainty.