On January 9, Paris-based fashion brand Y/Project, renowned for its avant-garde designs, announced it would cease operations, marking the end of 14 years of innovative and boundary-pushing creativity in the fashion world.
A Brand Shaped by Challenges and Loss
Founded in 2010 by Gilles Elalouf and Yohan Serfaty, Y/Project quickly gained attention for its avant-garde aesthetic and gender-fluid designs. However, the brand faced significant challenges, including the early passing of co-founder Serfaty in 2013 and the death of Elalouf in June 2024. Following Elalouf’s passing, the majority stake was inherited by his family, further complicating the governance of the brand during a critical financial period.
Despite achieving revenues of €11 million in 2023, the brand entered receivership in September 2024 and failed to attract a buyer. Payments to creditors were suspended that year, making it impossible to sustain operations.
Under the creative direction of Belgian designer Glenn Martens, who joined the brand in 2013, Y/Project evolved into a standout voice in the luxury fashion industry. Martens upheld Serfaty’s design ethos while adding his own experimental flair, resulting in innovative deconstructions and bold, architectural silhouettes. His tenure brought significant accolades, including the prestigious ANDAM Grand Prize in 2017 and a finalist position in the 2016 LVMH Prize for Young Designers.
Martens stepped down from the brand in 2024, after which Y/Project struggled to secure a new buyer. A single bid from Hong Kong-based asset management firm AA Investments fell through, leaving the brand with no options for recovery. As a result, 24 employees were impacted by the closure.
The Struggles of Independent Luxury Brands
The closure of Y/Project underscores the increasing difficulty for independent brands to survive in the luxury fashion market. Changing consumer preferences, supply chain disruptions, and the dominance of large luxury conglomerates have created an unforgiving landscape. Y/Project’s demise raises a fundamental question: what must independent brands do to carve out a sustainable future in this competitive industry?
In a closing statement, the brand expressed its gratitude:
“After 14 fruitful years, Y/PROJECT has made the challenging decision to stop operations. 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.”
In a final gesture honoring its legacy, Y/Project announced plans to donate archive pieces to institutions including New York’s Metropolitan Museum of Art, Antwerp’s MoMu fashion museum, and Paris’s Palais Galliera and Musée des Arts Décoratifs. This initiative serves as a tribute to co-founder Gilles Elalouf and ensures the preservation of the brand’s creative contributions to fashion history.