Y/Project is in bankruptcy and is looking for a buyer Y/Project , fall-winter'24, Snap Boots
07.10.2024 5365

Y/Project is in bankruptcy and is looking for a buyer

On September 26, Y/Project was placed into receivership. The Parisian women's and men's clothing and footwear brand, known for its innovative designs, had until recently attracted a huge following during its fashion shows.

In fact, the brand's fate seemed sealed after the departure of its creative director Glenn Martens, announced in early September, just a few months after the death in June 2024 of Gilles Elalouf, the brand's president who founded it with Johan Serfaty, who passed away in 2013.

According to an announcement published last Thursday, Y/Project's parent company, In-carnation, is seeking a buyer for the project. Potential buyers have until October 16 to make an offer. The company has 24 employees and its revenue in 2023 was just under €11 million.

Court documents indicate that Y/Project suspended payments to creditors on Sept. 4. Cash flow issues have forced the brand to cancel its fall 2024 Paris Fashion Week show.

The legal battle follows the death of Gilles Elalouf, the brand's co-founder. His brother Daniel inherited his controlling stake in the brand.

Y/Project has gained a cult following thanks to its signature twisted designs and collaborations with brands like Brazilian shoe label Melissa and Jean Paul Gaultier. Celebrities like Hailey Bieber, Rihanna and Kylie Jenner have worn its designs, including its famous thigh-high boots.

Y/Project’s most recent creative director, Glenn Martens, had been with the brand since its founding in 2010 by Johan Serfaty. After serving as Serfaty’s first assistant, he took over the creative direction following the founder’s death in 2013. The Belgian designer maintained Serfaty’s foundations—graphic, elongated, sharp lines—while reimagining the brand through his own experimental lens. He also expanded Y/Project’s offerings to include a womenswear line.

Marina Shumilina

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On September 26, Y/Project was placed into receivership. The Parisian women's and men's clothing and footwear brand, known for its innovative designs, had until recently attracted a huge…
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