Paris-based fashion house Y/Project has announced its permanent closure after 14 years. The announcement was made via the social media platform Instagram after the brand had been looking for investors in vain since last year.
However, the problems had been apparent for a while. On September 26, the company was placed into receivership by the commercial court in Paris. This move followed the death of Gilles Elalouf, who co-founded Y/Project with the late Yohan Serfaty, as well as the departure of long-time creative director Glenn Martens.
In addition, Pascal Conte-Jodra, who joined Y/Project as CEO in 2023, left the company in July 2024. Financial constraints forced the brand to cancel its fall 2024 collection. Finally, on September 4th, Y/Project stopped making payments to creditors.
There was no investor interest
According to court documents obtained by industry magazine WWD, only Hong Kong-based asset management company AA Investments expressed interest in a takeover. However, with a bid of 45,000 euros, the offer did not seem sufficient to secure the future of the brand. Management declined to comment.
In the course of winding down the label, which according to WWD most recently employed 24 people and has been owned by his brother Daniel since Gilles Elalouf’s death in June 2024, Y/Project plans to donate several archive items to renowned museums. Recipients include the Metropolitan Museum of Art in New York, the MoMu in Antwerp, the Palais Galliera in Paris and the Musée des Arts Décoratifs.
These are primarily works by Glenn Martens, who has shaped the brand as creative director since 2013. Martens retained founder Yohan Serfaty’s signature sharp, graphic lines and reinterpreted them with an experimental approach. Under his leadership, the label was successfully expanded to include a women’s collection.