After an extended period of internal conflict with its distributor and primary shareholder, Tomorrow, the contemporary fashion label Coperni has officially ceased all operations. This significant announcement comes after months of unsuccessful attempts to resolve escalating disputes concerning unpaid financial obligations. Co-founders and creative directors, Arnaud Vaillant and Sébastien Meyer, expressed their deep regret over the situation, highlighting that an intractable disagreement over monetary issues and the premature termination of their licensing agreement with Tomorrow left them with no viable alternative. The brand's journey through this turmoil included seeking legal protection, akin to Chapter 11 in the U.S., from the Paris Court in an effort to maintain functionality, yet these measures proved insufficient in overcoming the underlying financial and ownership complexities.
The root of Coperni's troubles can be traced back to June, when revelations surfaced about outstanding payments owed to the brand by Tomorrow, its exclusive distributor and majority stakeholder. This situation was further complicated by Tomorrow's decision to unilaterally terminate its licensing agreement with Coperni. As reported earlier, Tomorrow Ltd underwent a significant change in ownership in March, being acquired by Progetto 11, the holding company for the Italian e-commerce giant The Level Group. This acquisition saw the departure of Stefano Martinetto, Tomorrow's former CEO and founder, marking a pivotal moment in the ongoing saga. The subsequent attempts by Coperni's founders to regain control and ownership of their brand from Progetto 11 were met with considerable challenges, as Progetto 11 stated that they inherited a business already embroiled in governance disputes, underfunded, and with founders actively seeking to reacquire control.
Further compounding the situation, Progetto 11 clarified the intricate corporate structure of Coperni, which was controlled by two distinct entities: Coperni UK Limited, holding the license with Tomorrow, and Coperni SAS, the French operating company managing daily activities and employing staff. Tomorrow, functioning as a licensor and distributor for its brand portfolio, was responsible for collecting all revenues and disbursing royalties to brands based on their specific agreements. Additionally, Tomorrow was expected to cover brand-related expenses beyond design, such as fashion show productions and campaigns. However, as Tomorrow's wholesale division faced significant downturns due to adverse industry conditions, Coperni alleged that the company stopped remitting its due share of revenue and reimbursements, precipitating a financial crisis for the fashion label.
The financial struggles of Tomorrow were evident in its fiscal performance, with a 34% drop in turnover to £8.4 million in fiscal year 2024. The gross profit margin also saw a sharp decline from 76% in 2023 to 41% year-on-year, while operating losses surged by 28% to £7.5 million. These financial woes first became apparent when Coperni abruptly canceled its Fall/Winter 2026 show during Paris Fashion Week. Around the same time, Martine Rose, another brand under Tomorrow's portfolio, issued a statement indicating an inability to produce its forthcoming collection due to circumstances beyond its control, signaling broader issues within Tomorrow's operations. The Coperni founders, reflecting on their eight-year journey, expressed immense pride in their collective achievements and gratitude towards the fashion industry's various stakeholders for their unwavering support. They concluded with a forward-looking statement, emphasizing their enduring passion for innovation and optimism for future creative endeavors.
The unfortunate closure of Coperni underscores the precarious nature of the fashion industry, especially when intricate financial and ownership structures become strained. The brand's founders, Arnaud Vaillant and Sébastien Meyer, expressed profound gratitude to everyone who contributed to their journey, from industry federations to models and buyers. Despite the current setback, they remain committed to innovation and look forward to future creative projects, hinting at new beginnings and a continued pursuit of their passion for design and reinvention in an ever-evolving global landscape.
