Based in Paris, fashion label Y/Project has decided to halt its activities, as announced in a statement to WWD. After 14 successful years, they have made the tough choice to discontinue operations. This news comes after the brand could not find a buyer since it was listed for sale last year. The decision was prompted by the departure of Glenn Martens as creative director and the passing of co-founder Gilles Elalouf.
As a devoted admirer of the Y/Project label, I’d like to share some insights about its history. Established by visionaries Gilles Elalouf and the late Yohan Serfaty, this brand made significant strides in fashion innovation. Tragically, after the passing of Gilles Elalouf, a Parisian commercial court took charge of the company due to receivership.
In a potential turn of events, AA Investments – a dynamic asset management firm based in Hong Kong – has shown interest with a bid of €45,000 EUR. The brand employed 24 dedicated individuals and boasted nearly €11 million EUR in revenues by the year 2023. Now we eagerly await to see where this esteemed fashion house heads next on its creative journey.
From 2013 up until his departure in September 2024, Glenn Martens served as Y/Project’s creative director. During his tenure, the brand garnered widespread praise, earning the ANDAM Grand Prize in 2017 and making it to the final list for the 2016 LVMH Prize for Young Designers. Martens had been associated with Y/Project since its establishment in 2010, initially working as an assistant to the founder. Upon the unfortunate demise of the founder in 2013, he assumed the role of creative director. Under Martens’ guidance, the Belgian designer reinvented the brand, which became recognized for its intricate trompe l’oeil designs, oversized silhouettes such as thigh-high scrunched boots, collaborative projects, and more. In a separate statement, the company expressed gratitude to all their associates and supporters, stating, “Y/Project and the team express our heartfelt appreciation to all partners and supporters for their steadfast support of the brand over the years. Special thanks go out to Glenn Martens, Pascal Conte-Jodra, and the late Gilles Elalouf for providing our team with the freedom to innovate and flourish.
Some iconic styles from the brand will be given to the Metropolitan Museum of Art in New York, MoMu fashion museum in Antwerp, Palais Galliera in Paris, and the Musée des Arts Décoratifs, also in Paris, as a tribute to co-founder Gilles Elalouf. Y/Project is one of the recent brands affected by the sluggish luxury market.
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2025-01-09 10:25