Tomorrow owned stakes in the brands it sold — then the showroom group collapsed

Tomorrow Ltd, the London showroom and distributor behind Coperni, Martine Rose and Charles Jeffrey Loverboy, appointed joint administrators on March 20, 2026. Administrators from Interpath immediately sold the operating companies to Progetto 11, the holding company of Italian e-commerce firm The Level Group. Founder Stefano Martinetto exited, and controlling shareholder Three Hills Capital Partners took what BoF described as a significant haircut on its investment.

Tomorrow distributed emerging brands and took equity stakes in them. Three Hills first backed the group in 2016 with £15M of preferred equity, when it was valued at roughly £30–35M. Gross sales compounded at about 35% a year, and 2023 was its most profitable year ever — then sales fell 9–10% in 2024, by Martinetto's own account. In January 2025 Tomorrow sold off retailer Machine-A; a year later it had stopped paying sums owed to the partners and suppliers its brands relied on.

Progetto 11 — whose Level Group generated over €250M of revenue in 2025 running e-commerce for brands including Off-White and Palm Angels — bought Tomorrow to keep its wholesale platform running and push a digitally integrated model. In June 2026, Coperni, Tomorrow's best-known holding, asked a Paris court to place it in receivership to escape its own distributor.