Paris-based fashion brand Y/Project, celebrated for its innovative and unconventional designs, has announced its closure after failing to secure a buyer.
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“After 14 fruitful years, Y/Project has made the challenging decision to stop operations,” the brand stated on Thursday, in a message shared exclusively with WWD.
The closure marks another casualty in the current slowdown of luxury spending, which has significantly impacted smaller fashion labels. Challenges such as delayed payments from retailers, the collapse of MatchesFashion, economic and political uncertainties, and the lingering effects of the pandemic have created a harsh business environment. Last year alone saw the closures of other notable brands, including Mara Hoffman, The Vampire’s Wife, Calvin Luo, Dion Lee, Harlow, and Interior.
Y/Project’s financial struggles became evident in September when a Paris commercial court placed the brand into receivership. The company’s woes were exacerbated by the passing of cofounder Gilles Elalouf in June 2023 and the earlier departure of creative director Glenn Martens. Court filings revealed that only one bid was made for the brand—45,000 euros from Hong Kong-based AA Investments, which has been acquiring distressed assets. However, the offer was not enough to save the label.
Legacy of Y/Project
Founded in 2010 by Gilles Elalouf and Yohan Serfaty, Y/Project quickly gained a reputation for its experimental approach to fashion. Glenn Martens, who took over as creative director in 2013 after Serfaty’s death, elevated the brand to international acclaim. Under Martens, Y/Project won the prestigious ANDAM Grand Prize in 2017 and was a finalist for the LVMH Prize for Young Designers in 2016.
The brand became a favorite among celebrities such as Hailey Bieber, Rihanna, and Kylie Jenner, thanks to its standout designs, including $315 “janties,” thigh-high scrunched boots, and collaborations with Melissa and Jean Paul Gaultier. Martens also expanded the label’s offerings to include womenswear, blending the sharp, elongated silhouettes established by Serfaty with his own avant-garde aesthetic.
Despite its critical success, Y/Project faced increasing financial difficulties. The company’s CEO, Pascal Conte-Jodra, joined in 2023 with ambitious plans to double retail partnerships and expand the accessories line. However, cash flow problems forced the brand to cancel its fall 2024 show and suspend creditor payments in September. Conte-Jodra left the company last July.
Closing With Gratitude
Y/Project’s closure has left its 24 employees and its dedicated fanbase grieving the loss of the brand. In 2023, the company reported revenues of just under 11 million euros. Following Gilles Elalouf’s death, his brother Daniel inherited the majority stake in the company but was unable to secure its future.
In its farewell message, Y/Project extended gratitude to its supporters and key figures, saying, “Y/Project and the team thank all partners and Y/P supporters for their unwavering dedication to the brand throughout the years. Special thanks to Glenn Martens, Pascal Conte-Jodra, and the late Gilles Elalouf for giving their team the space to create and grow.”
The brand also announced plans to donate archive pieces in honor of Gilles Elalouf to institutions such as New York’s Metropolitan Museum of Art, Antwerp’s MoMu fashion museum, Paris’ Palais Galliera, and the city’s Musée des Arts Décoratifs.