Y/Project closes for good

Following the death last June of co-founder Gilles Elalouf and the departure of Glenn Martens in early September, the brand has not been able to meet the financial and structural challenges of recent months.

Y/Project has announced the definitive cessation of its operations. Founded in 2013 by Gilles Elalouf and Yohan Serfaty, the brand was recognized for its innovative approach, cutting-edge silhouettes and ability to challenge the creative boundaries of the industry. However, after a series of unfortunate events, Y/Project has been unable to overcome the financial and structural challenges it faced in recent months.

The road to this denouement began in June 2024 with the passing of Gilles Elalouf, a key figure in the brand’s consolidation. Just a few months later, Glenn Martens, who had served as creative director since 2013, announced his departure from Y/Project. Martens’ departure represented a significant blow to the brand, as under his leadership Y/Project achieved its highest recognition, winning the ANDAM Grand Prix in 2017 and being a finalist for the LVMH Prize in 2016.

In September 2024, Y/Project officially declared bankruptcy and was placed under court protection while it sought a buyer who could guarantee its continuity. Despite a €45,000 offer submitted by AA Investments, a Hong Kong-based asset management firm, negotiations were unsuccessful. As a result, Y/Project announced its final closure, leaving behind a team of 24 employees and a track record that generated just under €11 million in revenue during 2023.

Glenn Martens’ contribution has been one of the keys to more than a decade of fruitful fashion. Since his appointment as creative director following the death of Yohan Serfaty, Martens transformed the brand into a synonym for experimentation and patented a new way of designing. With his signature trompe l’oeil style and exaggerated, deconstructed silhouettes, Martens redefined the Y/Project aesthetic, taking it to the world’s most prestigious runways. His ability to balance creativity with commercial success also allowed the brand to stand out in an increasingly competitive market.

In a statement, the brand has expressed its gratitude to all the partners and fans who supported Y/Project during its years in business. In particular, they thanked Glenn Martens, Pascal Conte-Jodra and Gilles Elalouf for creating a space where creativity and innovation could thrive. Y/Project will donate several of its archival looks to prestigious institutions, including the Metropolitan Museum of Art in New York, the MoMu in Antwerp, the Palais Galliera and the Musée des Arts Décoratifs in Paris, ensuring that the brand’s legacy lives on in history.

The closure of Y/Project highlights the challenges faced by even the most innovative brands in today’s slowing luxury climate. Despite its creativity and critical success, the brand was unable to overcome financial challenges stemming from the loss of its key leaders and the lack of a suitable buyer.

Y/Project leaves a significant void in the industry, marking the end of an era. But, if brands that represent alternative thinking and originality close, what will fashion look like then?

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