Everlane founder plans new fashion venture following Shein acquisition

Everlane founder Michael Preysman is preparing to launch a new fashion brand following the controversial sale of Everlane to Shein, according to Forbes.

The move comes after Shein acquired the US fashion retailer earlier this month in a deal that sparked backlash from customers and sustainability advocates, given Everlane’s long-standing positioning on sustainability.

Founded by Preysman in 2011, Everlane built its reputation on what it called “radical transparency”, publishing factory information alongside material, labour and transport costs for its products. However, the brand struggled to regain momentum following the pandemic, while mounting debt and declining sales reportedly pushed majority owner L Catterton to seek new investment or a sale.

The acquisition by Shein, a company frequently criticised over its environmental impact and ultra-fast fashion business model, was approved by the board of L Catterton, whose members include LVMH chairman and chief executive Bernard Arnault and his family.

In response, Preysman has launched a waitlist platform under the name 'Still Radical', outlining plans for a new venture built around similar sustainability principles, but without venture capital or private equity backing.

“The Everlane sale has driven questions and conversation around the viability of sustainable fashion in 2026,” a spokesperson for Preysman told Forbes. “Michael is betting that he can find a path forward informed by his learnings from the successes and shortcomings of the industry over the past decade.”

In a message to subscribers, Preysman added: “So we’re starting over. Same principles, but a new take. And this time: no venture capital, no private equity.”