Everlane founder Michael Preysman wants a do-over following the “radically transparent” brand’s unforeseen sale to ultra-fast-fashion giant Shein.
On Tuesday, Preysman, who left the company’s board last year, published a simple message on stillradical.com: “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. And this time: no venture capital, no private equity.”
The site does not provide additional information about the brand or the products it plans to release. However, users interested in receiving updates can submit their email addresses to stay informed. At press time, there were 47,666 sign-ups.
Preysman and Jesse Farmer launched Everlane in 2011, touting pricing transparency for its collection of men’s and women’s core essentials. The San Francisco-based brand placed a strong emphasis on sharing stories about its ethical suppliers and routinely introduced products made with next-gen ingredients such as Circ and Bio-Tex as well as deadstock fabrics.
In 2020, consumer private equity giant L Catterton led an $85 million funding round, valuing the business at $550 million. Preysman stepped down as Everlane’s CEO in 2022. Two years later, L Catterton took over as majority owner. Last week Puck broke news of Shein’s deal to purchase the brand for $100 million.
Though Everlane CEO Alfred Chang said in a statement that Everlane will “remain an independent brand, staying true to our long-standing brand values, sustainability commitments and exceptional quality,” consumers and people within the industry have cast their doubts on the brand’s credibility under the Shein umbrella.
However, the industry is signaling support for Preysman’s new venture. Comments on his LinkedIn post with the same brief message as the website range from “Can’t wait to see this reveal” to “This is the founder response we didn’t see coming.”
