Parisian label Y/Project went into receivership on September 26. The women’s and men’s ready-to-wear label is renowned for its innovative, sophisticated looks, and until recently it used to draw a crowd with its runway shows. It seemed clear that there was no future for Y/Project back in early September, when the departure of its creative director Glenn Martens was announced. Martens left only a few months after Gilles Elalouf, president of Y/Project and its co-founder with Yohan Serfaty, passed away in June. In a statement published on Thursday, Y/Project’s parent company In-carnation indicated it was intending to sell, and was looking for buyers.
 

Elalouf and Serfaty founded Y/Project in 2010. Martens joined the label soon afterwards, as assistant to Serfaty, taking over in 2013 after his death. In a few years, Martens managed to give new impetus to Y/Project with his bold creations and inventive, unexpected constructions, while expanding the label’s product range and boosting sales.

Y/Project’s revenue has grown from €4.25 million in 2021 to €10.9 million, while EBIT increased by €199,000 to reach €542,000, according to information published by receivership firm 2M&associés.

The label undoubtedly prefers to remain under judicial protection in order to continue operating while looking for a buyer, having lost its former leadership team and at a time when a number of fashion brands are hit by cash-flow problems. The parent company has so far declined to answer FashionNetwork.com’s enquiries about the decision.
 
Y/Project currently employs 24 people, including an apprentice. It is chiefly distributed via its e-shop and various multibrand retailers. Daniel Elalouf, Gilles’s brother, is active in the family-owned company as president of the advisory board.