The Paris Court has approved judicial reorganization proceedings for Coperni SAS, allowing the fashion brand to continue operations amid financial strain from its majority shareholder.
Coperni SAS secured protection from the Tribunal de Paris on June 11. The move follows months of tension with majority shareholder and distributor Tomorrow Ltd, which stopped payments owed to the brand.
Brand president and co-founder Arnaud Vaillant said the decision came after the Tomorrow group ceased payments, placing Coperni under significant financial strain while it pursued international growth.
Tomorrow Ltd was sold to Progetto 11 in March. The holding company for The Level Group stated it found a business in dispute over ownership and governance, with founders Vaillant and creative director Sébastien Meyer seeking to reacquire control.
The reorganization covers Coperni SAS only and provides access to France's wage guarantee scheme while allowing temporary relief from taxes and duties. Progetto 11 said it will cooperate with court-appointed officers and remains open to new funding.
