Transaction overview
Progetto 11, an Italian holding company that includes The Level Group among its portfolio of operating companies and strategic investments, acquired Tomorrow Group in a deal completed on an undisclosed date in spring 2026. Financial terms were not disclosed; however, the acquisition aims to ensure operational continuity for Tomorrow Group's international fashion platform focused on wholesale distribution and brand development.
Deal structure and financing
Details regarding the equity and debt split, lead banks, leverage metrics, seller retained stake, lock-up terms, and IPO optionality are undisclosed in this transaction. The buy-side advisor was Interpath along with Three Hills Capital Partners. No specific information about the financial details of the deal has been released by either party.
Strategic context
The Level Group’s acquisition of Tomorrow Group is primarily aimed at stabilizing Tomorrow's platform and integrating its e-commerce capabilities into Tomorrow’s wholesale infrastructure to address current market challenges in the fashion industry. The Level Group, founded 15 years ago with revenue exceeding 250 million euros in 2025, brings a solid financial base and digital direct-to-consumer experience to Tomorrow Group. This acquisition reflects a broader structural shift in the fashion industry where traditional wholesale models are being disrupted by the rise of e-commerce.
Tomorrow Group’s founder Stefano Martinetto and other previous shareholders are exiting as part of this transaction. The deal is seen as an opportunity for Tomorrow to evolve its business model towards a more integrated digital platform that can better serve brand needs amid market disruptions and financial hurdles. Notably, Tomorrow Group has co-owned brands like Coperni and Martine Rose, playing significant roles in launching and growing initiatives such as Marni menswear and the Fear of God x Zegna collaboration.
Regulatory path
No specific regulatory approvals or reviews have been mentioned for this transaction. Given that Progetto 11 is an Italian holding company while Tomorrow Group is based in London, UK competition authorities could be involved. However, due to the lack of financial details, it's unclear whether HSR filings or other regulatory actions were necessary. If required, such filings would typically provide insight into any potential remedies or conditions imposed by regulators.