Paris-Based Brand Shuts Down Amid Financial Struggles
Y/Project, the renowned Paris-based fashion house, has announced its closure after 14 years of operation, citing an inability to secure a buyer.
Key Events Leading to Closure
- Founding and Leadership
- Co-founded in 2010 by Gilles Elalouf and Yohan Serfaty.
- Creative leadership transitioned to Glenn Martens in 2013 after Serfaty’s passing.
- Financial Challenges
- Placed into receivership by a Parisian commercial court following the death of Gilles Elalouf.
- Failed to secure a buyer despite a €45,000 EUR bid from Hong Kong-based AA Investments.
- Reported revenues of just under €11 million EUR in 2023, with 24 employees.
Achievements Under Glenn Martens
- Won the ANDAM Grand Prize in 2017.
- Finalist for the 2016 LVMH Prize for Young Designers.
- Known for innovative trompe l’oeil designs, exaggerated silhouettes, and notable collaborations.
Legacy Preservation
- Archive pieces will be donated to prestigious institutions such as:
- Metropolitan Museum of Art, New York.
- MoMu Fashion Museum, Antwerp.
- Palais Galliera and Musée des Arts Décoratifs, Paris.
Official Statement
Y/Project expressed gratitude to its supporters, stating, “Special thanks to Glenn Martens, Pascal Conte-Jodra, and the late Gilles Elalouf for giving their team the space to create and grow.”
The closure reflects the challenges faced by luxury brands in today’s economic climate.