Coperni to cease operations following dispute with distributor

The French fashion brand Coperni has announced it will cease operations following a breakdown in its relationship with its distributor and majority shareholder, Tomorrow.

Dispute over unpaid sums

In a personal memo shared with Vogue Business, co-founders and creative directors Arnaud Vaillant and Sébastien Meyer stated they were unable to resolve an ongoing dispute involving unpaid sums. The brand's main French operating company, Coperni SAS, will cease all business activities.

According to statements from the founders, "We have tried everything to preserve Coperni and find a resolution to the conflict... Despite all our efforts, no solution could be found."

Coperni had previously sought protection from the Paris Court in June to continue operating. At that time, Vaillant told Vogue Business that the support followed several months of pending payments owed to the brand by Tomorrow, which serves as the brand's exclusive distributor and majority shareholder. Additionally, Coperni stated that Tomorrow had terminated its licensing agreement.

Ownership and financial context

The situation was complicated by the sale of Tomorrow Ltd to Progetto 11 in March. Progetto 11 is the holding company for the Italian e-commerce platform The Level Group. Following the sale, former Tomorrow CEO and founder Stefano Martinetto stepped down.

In a statement regarding the brand's status, Progetto 11 noted that the business was "already in the middle of a broader dispute about ownership and governance, lacking funding, also resulting in the cancellation of the last fashion show, and founders seeking to reacquire control."

Financial records for Tomorrow show significant declines in fiscal 2024:

• Turnover fell 34% to £8.4 million.
• Gross profit margin decreased from 76% in 2023 to 41% year-on-year.
• Operating losses increased 28% year-on-year to £7.5 million.

Impact on collections

The friction between the parties contributed to the abrupt cancellation of Coperni's Fall/Winter 2026 show at Paris Fashion Week. Other brands in the Tomorrow portfolio, such as Martine Rose, also reported difficulties; Martine Rose shared a statement in March noting an inability to produce an upcoming collection due to reasons outside her control.

Why it matters

The closure marks the end of an eight-year journey for the Paris-based label. Reflecting on the brand's history, Vaillant and Meyer said, "These eight years have been extraordinary. Coperni has always been a collective adventure, and we are immensely proud of what we have created."

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Sources

• vogue.com: Coperni Closes Following Relationship Breakdown with Distributor | Vogue
• businessoffashion.com: Founders Shut Down Coperni | BoF
• hypebeast.com: Coperni Closes Brand as Founders Cease Operations | Hypebeast

This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.