MILAN – Progetto 11, the holding company of e-commerce platform The Level Group, is acquiring Tomorrow Group.
Financial details were not disclosed but this deal “will ensure the operational continuity” of the international fashion platform focused on wholesale distribution and brand development, Andrea Ciccoli, cofounder of The Level Group, told WWD.
The transaction sees the exit of the previous shareholders, including founder and chief executive officer Stefano Martinetto and Three Hills Capital Partners.
The London-based Tomorrow Group co-owns brands such as Coperni, Charles Jeffrey Loverboy and Martine Rose and has played a key role in the launch and growth of initiatives such as Marni menswear, Diesel Red Tag and the Fear of God x Zegna collaboration, to cite a few.
Rose having to cancel the production of her fall 2026 collection, as reported, may therefore be connected to Tomorrow’s financial hurdles. Rose founded her label in 2007 and sold a majority stake to Tomorrow Ltd. in 2021. Sources believe she may be trying to buy it back.
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Coperni did not show its fall 2026 collection at Paris Fashion Week and founders Arnaud Vaillant and Sebastien Meyer said the decision was made due to the deteriorated relationship with Tomorrow.
“Tomorrow has historically built a unique global distribution platform and strong relationships across the industry,” said Ciccoli. “This is a moment of wholesale disruptions and market challenges and The Level Group will help support and stabilize the platform and enable its evolution to address brand needs. We bring a digital direct-to-consumer experience so this is an opportunity to reinterpret Tomorrow’s wholesale approach in a more digital integrated perspective. With our solid financial base, we can help accelerate Tomorrow’s business and expand their brand portfolio.”
With showrooms in Milan, Paris and New York, Tomorrow has been discovering and developing fashion brands across Europe, North America and Asia, and Ciccoli said the plan is to keep the showrooms operative.
Cristian Musardo, cofounder of The Level Group, said that “the fashion industry is going through a structural shift, and platforms need to adapt. Our immediate focus is to ensure continuity for the brands, teams and partners that rely on this platform, while we work to build a more sustainable and integrated model for the future.”
Progetto 11 combines a portfolio of operating companies and strategic investments, including The Level Group, the global end-to-end e-commerce operator for more than 20 brands, from Dolce & Gabbana and Ferrari to Herno and Off-White; the London-based concept store LN-CC; design furniture, decor & tabletop marketplace Frankbros; direct-to-consumer footwear brand Scarosso; J.J. Martin’s La DoubleJ brand; the European license of Brooks Brothers, and the license for online and retail distribution of Off-White and Palm Angels.
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The Level Group, founded 15 years ago and headquartered in Milan, generated revenue of more than 250 million euros in 2025.
In an interview last year, Martinetto said Tomorrow sales were down 9 percent to 10 percent year-over-year in 2024. The decline was all the more painful given that Tomorrow was getting used to 35 percent annual compound growth, with 2023 its most lucrative year ever.
Tomorrow had sold two of the brands in its portfolio, A-Cold-Wall and the specialty London retailer Machine-A.
The disappearance of Matches and the sale of Farfetch to Coupang have rattled the industry and cut off once-lucrative sales channels for fashion’s middlemen. Those changes, coupled with higher interest rates, higher prices and a cost-of-living crisis in Europe, have forced some European brands to shut, and prompted agencies, distributors and brand owners to rethink how they do business.