Everlane Founder Michael Preysman Weighs in on the Shein Sale-and Reveals His New Project

Key Points:

• Shein's acquisition of Everlane, a brand known for transparency and sustainability, shocked customers and insiders due to the contrasting values and business practices of the two companies.
• Everlane, founded in 2011 by Michael Preysman, struggled during the COVID-19 pandemic with leadership changes, layoffs, and debt, leading to a majority stake acquisition by private equity firm L Catterton in 2020 and Preysman's eventual departure.
• Preysman expressed disappointment about the Shein deal, emphasizing that the acquisition contradicted Everlane's original mission and values, and revealed he was unaware of the sale until shortly before it was finalized.
• Despite the setback, Preysman believes in the continued demand for transparency and sustainability in fashion and has launched stillradical.com as a new project to revive Everlane's vision in a contemporary context.
• He acknowledges Everlane's challenges with product-market fit and marketing rather than its sustainability efforts, and sees potential for innovation outside traditional company structures moving forward.