The fashion brand Grim Reaper finds its first victim of 2025: After 14 years in business, luxury label Y/Project is ceasing operations, effective immediately.
“It is with great gratitude and sadness that the Y/Project team announces we will be officially closing the brand after 14 incredible years,” the company announced on Instagram. “We could not have achieved such success without the unwavering support of our Y/P partners, collaborators, and fans and we cannot extend enough thanks to you all for your unwavering dedication throughout the years.”
Y/Project was launched in 2010 by co-founders Gilles Elalouf and the late Yohan Serfaty, though former creative director Glenn Marten‘s 2013 appointment catapulted the brand to the top of the industry’s radar. Under his leadership, the Paris-based label quickly gained critical acclaim (it was a 2016 finalist of the LVMH Prize for Young Designers), a cult following (worn by Dua Lipa, Lady Gaga, Bella Hadid, Rihanna, Kylie Jenner and Anok Yai) and released a number of buzzy collaborations (Jean Paul Gaultier, Melissa, Fila).
Despite all that, the label faced a tough 2024: Martens and Chief Executive Pascal Conte-Jodra both departed from the brand, Elaouf passed away, and Y/Project was placed into receivership by a Parisian commercial court. AA Investments, a Hong Kong-based asset management firm, reportedly bid €45,000, but the offer fell through and Y/Project was forced to shut down due to financial instability. As of press time, all products have been removed from its e-commerce site, but there are items on sale via third-party retailers like Nordstrom, Atelier New York and Mytheresa.
Several archival pieces will be donated to various institutions including the Metropolitan Museum of Art, Palais Galliera, Antwerp’s MoMu fashion museum and the Musée des Arts Décoratifs, according to WWD.
Emerging and independent labels have been hit hard by a difficult retail landscape. Last year saw the shutdown of Interior, Mara Hoffman, Rhode, The Vampire’s Wife and Dion Lee.
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