Photo via Fast Company
When Chinese fast-fashion giant Shein acquired sustainable apparel brand Everlane in May, it sent ripples through the broader retail industry—and caught founder Michael Preysman off guard. According to Fast Company, Preysman announced via LinkedIn that he learned about the sale alongside the public, having already departed from the company he founded in 2011. The acquisition marked an unexpected ending for a brand that had positioned itself as an ethical alternative to traditional retail.
Rather than step back, Preysman has immediately launched Still Radical, a new venture signaling his continued commitment to sustainable fashion—but with a fundamentally different approach. The company's sparse website carries a pointed message: 'Same principles, but a new take. And this time: no venture capital, no private equity.' The shift reflects a growing realization among entrepreneurial leaders that the traditional startup funding model may not align with long-term sustainability goals in the apparel industry.
Preysman's experience offers valuable lessons for Nashville-area founders navigating the tension between growth and values. Everlane raised substantial venture capital to fuel expansion, reaching a $250 million valuation by 2016, yet struggled with profitability and experienced layoffs during recent years. L Catterton, the venture arm of luxury conglomerate LVMH, acquired a majority stake in 2020, after which Preysman departed to launch supplement brand Magna before announcing Still Radical.
As the direct-to-consumer movement that Everlane helped pioneer matures, the question of sustainable financing models becomes increasingly relevant for Nashville's growing retail and e-commerce sectors. Whether Still Radical can succeed without traditional venture backing remains to be seen, but Preysman's pivot suggests that a new generation of founders may prioritize mission alignment over rapid scaling—a potential sea change in how Nashville businesses approach startup strategy.
