Everlane’s Founder Wants to Try Again
The Cut • • business
Key Points:
- Everlane founder Michael Preysman was unaware of the brand’s sale to Shein until shortly before it was publicly reported and expressed shock and disappointment over the deal.
- Everlane, once celebrated for transparent pricing and sustainability, had struggled for years before Shein, known for ultra-fast fashion, acquired it, causing disillusionment among its loyal customers.
- Preysman stepped down as CEO in 2021 and left Everlane’s board last year after selling a majority stake to private equity firm L Catterton in 2020 amid unionization controversies.
- Despite feeling let down by the brand’s direction, Preysman maintains belief in Everlane’s original mission of transparency and sustainability, asserting that the issue was not with the sustainability aspect itself.
- The future of Everlane under Shein remains unclear, with concerns that the brand’s ethical identity may be compromised by Shein’s fast-fashion business model.