PARIS — Paris-based fashion label Études Studio is seeking a new investor as it reassesses its business under judicial restructuring proceedings.
The men’s brand, operated as Yesterday SAS, was placed into judicial restructuring proceedings Sept. 9. According to court records, the company’s date of cessation of payments was set at Aug. 4.
“While continuing to develop its digital activity and preparing the launch of new fall 2026 products, the brand is using this period to reassess and reshape its business,” cofounders Aurélien Arbet and Jérémie Egry said in a statement shared with WWD.
After more than a decade of collaboration as a trio, cofounder José Lamali stepped away from the business in April of last year.
“As part of this new chapter, Études Studio is actively seeking a new investor to support its future development,” the statement continued. “The brand’s objective is to complete the restructuring process by the end of 2026, at the latest.”
The brand held its spring 2027 show during Paris Men’s Fashion Week in June.
During the process, the duo intends to continue operating while using the period to reshape the business. They added that it will maintain its identity “at the intersection of fashion and art,” and continue to pursue plans for a new flagship in Paris.
The company’s accounts for the year ended March 31, 2025, show a net loss of 2.19 million euros, compared with a 1.44 million-euro loss in 2024 and a 241,000-euro loss in 2023. Shareholders’ equity fell to negative 1.31 million euros in 2025, from negative 660,000 euros the previous year.
At the end of the 2025 financial year, Yesterday reported 179,000 euros in cash and 2.34 million euros in financial debt.
The company’s financial position had been deteriorating for several years. Its shareholders’ equity had fallen below half of its share capital by March 31, 2024. Yesterday subsequently carried out several capital increases, including transactions in early 2025 in which some shares were paid for by offsetting existing claims against the company.
At the time of Lamali’s departure, the company rebranded to Études Studio, and said they would refocus on wholesale as a key part of the business, looking to expand in Europe and Asia, and enter newer markets such as the Philippines, India and the Middle East.
The brand had a strong presence in New York from 2012 to 2018, but pulled back from the U.S. following the pandemic. It has continued to ship to the U.S., but Arbet said they had been impacted by U.S. tariffs.
The company brought on former A.P.C. executive Marie Amalou as digital director and Dior and Hermès finance veteran Sébastien Mandel, a finance veteran with experience at Dior and Hermès in September 2025, to hone its online sales strategy and create a roadmap that targets fivefold revenue growth by 2030, respectively.
Études Studio’s restructuring also comes as its five-year creative partnership with French outdoor brand Aigle has ended. The collaboration began in 2020 when Études Studio was appointed Aigle’s artistic director, and concluded with the spring 2026 Aigle Experience by Études Studio collection.
The company said it is targeting completion of the restructuring process by the end of 2026, and the court’s observation period is scheduled to run until March 9.
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