The Level Group’s Parent Company Takes Over The London-Based Brand Incubator As Existing Investors Exit
Tomorrow Ltd., the London-based distributor turned brand incubator, is being acquired by Progetto 11, the holding company of Italian e-commerce firm The Level Group, marking a significant shift for the company following a period of financial and operational challenges.
Financial terms of the transaction were not disclosed, though controlling shareholder Three Hills Capital Partners is understood to have incurred substantial losses on its investment. The deal also signals the exit of existing shareholders, including founder and Chief Executive Officer Stefano Martinetto.
Progetto 11 manages a range of operating companies and strategic investments, including The Level Group, which provides end-to-end e-commerce solutions for over 20 brands such as Dolce & Gabbana, Ferrari, Herno, and Off-White. Other properties include London concept store LN-CC, furniture marketplace Frankbros, footwear brand Scarosso, La DoubleJ, the European license for Brooks Brothers, and online and retail licenses for Off-White and Palm Angels.
The Level Group, established 15 years ago and headquartered in Milan, recorded revenues exceeding 250 million euros in 2025.
Founded as a showroom and distribution business, Tomorrow evolved into a hybrid platform combining brand development, production, and global distribution. The group took equity stakes in a portfolio of emerging designers—among them Coperni, Charles Jeffrey Loverboy, and Martine Rose—while allowing founders to retain control over creative direction and brand image.
In recent years, however, the company has faced mounting pressures tied to Brexit, the Covid-19 pandemic, and a broader contraction in the wholesale fashion market. According to filings with UK Companies House, Tomorrow reported short-term liabilities of £56 million and cash reserves of just £1.2 million in 2024, with annual revenues declining 8 percent to £63 million.
Operational strain has also impacted relationships with its brand partners. Tensions surfaced publicly in recent months, as Coperni withdrew from Paris Fashion Week citing a lack of resources, and Martine Rose announced the cancellation of production for her latest collection—though Tomorrow later stated production would proceed. Industry sources indicate that both Coperni’s founders, Arnaud Vaillant and Sébastien Meyer, and Martine Rose had explored options to regain control of their businesses.
Tomorrow has historically played a notable role in shaping contemporary fashion collaborations and brand development, contributing to projects such as Marni menswear, Diesel Red Tag, and the Fear of God x Zegna partnership.
The acquisition by Progetto 11 raises questions about the future structure of the group and the status of its designer portfolio, as the new ownership seeks to stabilize operations and redefine Tomorrow’s role within an evolving fashion ecosystem.