The new owners of Coperni and Martine Rose are Italian The Tomorrow Group, which is in crisis, has been acquired by a holding company based in Milan

In the last few weeks, there has been a lot of discussion about what was happening with Coperni and Martine Rose, two brands that, together with Charles Jeffrey Loverboy, were part of the portfolio of Tomorrow Group. First came the news that Coperni would have to cancel its FW26 show in Paris due to a series of disagreements and misalignments with the group; then it was announced that Martine Rose would have to cancel the production of her FW26 collection. Fortunately, an agreement was reached in the following weeks and now Martine Rose's production has resumed.

But the internal situation at Tomorrow Group was clearly dramatic: an unusual turnover of managers hired and fired in recent months, the already known issues with the brands, new distribution contracts signed until December, and a CEO, Stefano Martinetto, who said he wanted to change the group's business model. A very confusing situation that has now found an even more surprising resolution: Tomorrow Group has been acquired by an Italian holding company, along with all its commercial networks and all its brands. But let's proceed in order.

Who Acquired Tomorrow Group?

It was Progetto 11, the holding company that controls the e-commerce platform The Level Group, which announced yesterday the finalization of the acquisition of Tomorrow Group. The English group (but managed by Italians), which had its headquarters in London and showrooms in Milan, Paris, and New York, owned a very strong global distribution network and in recent years had begun to support emerging brands with investments and acquisitions. Among these were Coperni, Charles Jeffrey Loverboy, and Martine Rose, in addition to holding distribution licenses for a large number of independent brands, including Roberto Cavalli and Soshotsuki.

However, recent times had been difficult. After years of double-digit growth, with peaks of 35% compound annual growth until 2023, in 2024 sales fell by 9-10% according to WWD, due to the general crisis in traditional wholesale, the collapse of major global e-commerce platforms like SSENSE or Farfetch, rising interest rates, and inflation in Europe.

In that very year, the group had acquired and resold A-Cold-Wall within a few months and offloaded the retailer Machine-A, another asset in its possession. Requests for a mortgage to increase liquidity had also begun. At the end of 2025, the managerial turnover started, which saw the exit of one of the co-founders (a bad sign), and this January the company failed to provide the regular financial statements to the English Companies House.

And Now What Will Happen?

The acquisition marks the definitive exit of the previous shareholders, including founder and former CEO Stefano Martinetto and the Three Hills Capital Partners fund, which had taken control a few years ago. Andrea Ciccoli, co-founder of The Level Group, told WWD that the operation aims to stabilize Tomorrow in a phase of profound crisis in the wholesale market, leveraging the group's experience in this sector along with its digital and direct-to-consumer expertise.

The Level Group, active for fifteen years and headquartered in Milan, manages e-commerce solutions for over twenty luxury and premium brands, including Dolce & Gabbana, Ferrari, Herno, and Off-White, and last year exceeded 250 million euros in revenue. Cristian Musardo, another co-founder, spoke of the need to adapt to a structural change in the industry, which must move toward a more sustainable and integrated model while ensuring continuity for brands, as in the case of the halt in Martine Rose's production, which was truly a very serious matter.

So What Will Happen to the Three Brands?

Realistically, in this ownership transition from Tomorrow Group to Progetto 11, both Coperni, Martine Rose, and Charles Jeffrey Loverboy find themselves in different situations within a similar context. The acquisition was designed to guarantee them operational continuity without major upheavals; the showrooms should remain active, and the real core of the deal will be financial stabilization combined with digital integration. That said, a change of hands often triggers contractual clauses for renegotiation or buyback, especially when there are pre-existing tensions or significant majority stakes involved.

For Coperni and Martine Rose, the chances of a quick exit or buyback are real. According to industry sources cited by BoF, both the founders Arnaud Vaillant and Sebastien Meyer, as well as Rose, had submitted offers at different times to regain control of their respective brands in recent months. So now the new Italian management might prefer to close these conflictual relationships by reselling the stake to the designers or transferring it to a new partner. However, it could also happen that, with the old investors gone, the brands might decide to stay.

In Martine Rose's case, though, given that The Level Group's arrival brings fresh capital and retail and distribution expertise, there could also be an amicable renegotiation. The scenarios are varied: Rose might regain the stake by signing a licensing or continued distribution agreement, the new owner might continue to support her, or even transform the relationship into a more hybrid partnership tied to wholesale and e-commerce. But a traumatic break is unlikely because the brand performs well.

Charles Jeffrey Loverboy, on the other hand, is the most stable of the three. Tomorrow had acquired only a minority stake in 2021, and the brand managed to triple the number of multi-brand stores where it is distributed and reach key markets. In the absence of issues or rumors of buyback, Loverboy should stay where it is—perhaps with a slight renegotiation of the stake or terms—but without risk of eviction, as the brand is theoretically a valuable asset for the owners.

Takeaways

- Tomorrow Group, a wholesale platform in crisis with declining sales and internal tensions, has been acquired by Progetto 11, the Italian holding company that controls The Level Group, in order to ensure operational continuity and financial stabilization.

- The acquisition marks the definitive exit of Stefano Martinetto and the Three Hills Capital Partners fund, while The Level Group brings solid capital (over €250 million in revenue) and strong digital and direct-to-consumer expertise to relaunch the business model.

- Coperni and Martine Rose, following public disagreements with Tomorrow (cancellation of the FW26 show and production), had attempted to regain control of their respective brands in the preceding months, according to BoF sources, and may now negotiate a buyback or exit with the new owner.

- Charles Jeffrey Loverboy appears to be the most stable of the three: holding only a minority stake from Tomorrow, it has tripled its wholesale doors and shows no signs of conflict, so it is expected to continue, possibly with a minor renegotiation.

- The declared goal of the operation is to keep showrooms and the distribution network active, integrate the traditional wholesale approach with digital tools, and ensure continuity for brands, teams, and partners in a wholesale sector that is deeply in crisis.