The Paris Court Throws Coperni a Lifeline

Reported by Vogue.

Coperni has a lifeline — but it's going to need more than that. On June 11, the Paris Court granted the French fashion label judicial reorganization protection, the local equivalent of Chapter 11 bankruptcy, shielding it from the financial fallout of a bitter dispute with its majority shareholder and exclusive distributor, Tomorrow Ltd. According to Vogue, co-founder and brand president Arnaud Vaillant confirmed the ruling, stating that Tomorrow had "ceased paying the sums owed to the brand" — a cash freeze that left both Coperni and its employees under significant strain even as the label was actively pushing international growth.

The drama traces back to Tomorrow's sale to Progetto 11 in March — the holding company behind Italian e-commerce group The Level Group, which counts Palm Angels, Herno, and Off-White among its brand relationships. Founder and CEO Stefano Martinetto exited after the deal closed, and Coperni's founders, Vaillant and creative director Sébastien Meyer — both minority shareholders — have since been trying to buy their label back. Complex negotiations, combined with Progetto 11's control over Coperni's wholesale revenue as distributor, made that near-impossible without court intervention. Tomorrow's financials tell the story plainly: turnover dropped 34% to £8.4 million in fiscal 2024, gross profit margin collapsed from 76% to 41%, and operating losses climbed 28% year-on-year to £7.5 million.

What the Ruling Actually Means

Judicial reorganization is not a rescue — it's a pause. Coperni SAS, the French operating entity that handles day-to-day business, gains temporary relief from paying taxes and duties and access to the French wage guarantee scheme. Coperni UK Limited, which holds the licensing agreement with Tomorrow, sits outside the court's jurisdiction entirely. Progetto 11 has said it will cooperate with court-appointed administrators and remains "willing to support the development of the brand and business, including through new funding" — though it framed the situation as one it inherited, not one it created. The cancelled Fall/Winter 2026 Paris Fashion Week show was the first public signal something was wrong; Martine Rose's statement that she couldn't produce her upcoming collection — also under Tomorrow's umbrella — confirmed the rot ran deeper.

Whether Coperni can convert legal breathing room into a full buyback depends on whether Vaillant and Meyer can close a deal with Progetto 11 before operations deteriorate further. Former Tomorrow board member Mimma Viglezio is cautiously optimistic: "Time — and a new financial injection — will only tell if the brand still has the appeal of the past years. The boys need to come up with a new hit product, like their famous Swipe bag. I think they can." The bag, the spray-on dress, the viral moments — Coperni built its identity on creative swings. Right now, the fight is just to stay in the game long enough to take another one.

Coperni's survival won't be decided on a runway — it'll be decided in a negotiating room, with a French court administrator watching every move.

Read the original at Vogue.