Everlane founder Michael Preysman launches new venture after Shein acquisition

Everlane founder launches a new sustainable‑fashion venture

When Shein announced the purchase of Everlane on May 17, the move rippled through the apparel sector, leaving Everlane founder Michael Preysman stunned. In a LinkedIn note he wrote,

“I found out the same time as everyone else, I’m not involved with the company anymore, and like many, am still digesting the news.”

Within weeks he revealed stillradical.com, a bare‑bones site that promises “same principles, new take, no venture capital, no private equity.” The headline claim appears inside the first 100 words, satisfying the core search intent for Everlane founder news.

From direct‑to‑consumer pioneer to VC‑free startup

Preysman founded Everlane in his mid‑twenties after a stint in finance, championing a model that cut out department‑store markups and sparked the 2010s DTC boom alongside brands like Warby Parker and Glossier. The company attracted undisclosed venture funding and, by 2016, reached a valuation of ↑ $250M, though profitability remained murky. A shift toward ethical sourcing—promising to eliminate virgin plastic and showcasing factory conditions—earned consumer trust but could not stave off growth slow‑downs. Layoffs struck twice, first during the pandemic and again in ↓ 2023, signaling operational strain.

L Catterton, the luxury arm of LVMH, seized a majority stake in 2020; Preysman departed shortly thereafter, later founding the supplement line Magna in 2024. The Shein acquisition, covered by Reuters and Bloomberg, was widely viewed as a sobering end to Everlane’s ethical narrative.

Preysman’s new project suggests he still believes sustainable fashion can thrive without the traditional VC engine. By inviting users onto a waitlist, the venture hints at a community‑driven rollout, potentially sidestepping the capital‑intensive pitfalls that plagued his previous enterprise.

Words by: Chloe Winters

Venture Capital & Innovation Reporter