Michael Preysman, co-founder of online clothing retailer Everlane, has expressed his dissatisfaction following the company’s recent acquisition by fast-fashion giant Shein. In an essay published by Vogue, Preysman revealed his shock and disappointment about the sale, which he learned about only after it was finalised. The acquisition, first reported on May 17, and subsequently confirmed days later, came as a surprise to him and has prompted him to consider a new direction in his career.
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In his reflections, Preysman conveyed feelings of betrayal not only by the decision of Everlane’s current management but also for the sustainable fashion ethos that he believes the brand once stood for. “I knew nothing about it, and I felt very disappointed. The idea that this would happen wasn’t something I ever imagined,” he disclosed in the interview with Vogue, highlighting the contrast between his vision of Everlane and Shein’s business model, which he described as “the opposite of what I wanted.”
The co-founder lamented that he felt let down not just by the brand he helped create, but also by the notion that the values of transparency and ethical production could be overshadowed by a company like Shein. He remarked, “It’s clearly ironic, and in some ways, it’s sort of like life is stranger than fiction,” while acknowledging that the recent public outcry surrounding the sale provided him a glimmer of hope that consumers still value ethical fashion.
According to Preysman, the sustainable fashion landscape has evolved significantly since Everlane’s inception. Despite the challenges, he believes that Everlane contributed to shifting consumer perceptions on corporate responsibility in fashion. “We weren’t perfect, and there were times when we definitely made mistakes, but that’s part of being human,” he stated, reflecting on the brand’s journey.
Motivated by his disappointment and the desire to remain true to his principles, Preysman has announced plans to establish a new venture that he describes as “bringing back the vision of Everlane but with a new take.” He has initiated a project called “Still Radical”, which will focus on creating a more sustainable fashion model without the involvement of venture capital or private equity. In his independent announcement, he explained, “I started Everlane in 2011. Last week, the current management team sold it to Shein. So we’re starting over. Same principles, but a new take.”
Preysman, who stepped down from Everlane in 2020 following the company’s shift in ownership to a private equity firm, has also recently ventured into the beverage industry with the launch of Drink Magna, an electrolyte brand. This new initiative appears to be a way for him to reconnect with his entrepreneurial passions while staying aligned with his values regarding sustainability and ethical business practices.
Reflecting on his time with Everlane, Preysman shared a poignant message on LinkedIn, emphasising the importance of integrity in business. “We had a hell of a ride. Our defining trait was that we actually gave a damn. I hope you all never lose that,” he wrote, demonstrating both pride in his previous work and a commitment to not compromise his principles moving forward.
The acquisition of Everlane by Shein reportedly values the brand at about $100 million. Shein, known for its controversial business practices—such as its treatment of factory workers and accusations of child labour—has faced significant backlash over the years. As the fast fashion industry continues to grapple with its environmental impact and ethical concerns, Preysman’s new venture could represent a counter-movement aimed at prioritising sustainability.
Amidst the fast-paced nature of the fashion industry, Preysman’s efforts to launch a new brand reflective of the original intentions behind Everlane presents an intriguing shift. He seeks to inspire a renewed focus on responsible consumption while fostering community engagement and transparency. As consumers increasingly demand accountability from fashion brands, Preysman’s fresh approach could find a receptive audience in those eager for change.
With his recent reflections and imminent plans, Michael Preysman embodies the spirit of adaptation and resilience in the face of transformation within the fashion world, showcasing that it is possible to pursue sustainable practices despite the challenges posed by the fast-fashion landscape.