Lauren Sherman

And so they sold a majority stake to a private equity firm.

It

It just kept, like, diminishing from there, and they really lost their place in the culture, whereas Uniqlo and all these other things were rising up.

And then also, obviously, the anti-woke thing.

They were associated with sustainability, and there's, like, this whole culture of, like, actually, we don't care about that.

So a lot of consumers kind of pushed back on anyone who was touting being socially conscious in the market.

So recently, the private equity firm that owned Everlane, those investors decided to sell the business to Shein.

Which is the Chinese fast, fast, fast, fast, fast fashion conglomerate that, you know, the valuation is $100 billion.

When the deal was approved by the board, you know, hours after I broke this news, the influx, the outrage was insane.

From who?

From, like, people who love the company?

from people online who feel like that it was an injustice.

They were upset because it was supposed to uphold all these values and you're selling to what, in their minds, is the antithesis of what Everlane is supposed to stand for.

Sheehan has an incredibly opaque supply chain and doesn't share a lot of information.

They're not...

transparent and also they sell stuff for really really cheap so you just assume that the way that they're creating it is probably not the best possible way it just sort of represented the death of those millennial brands and then also this place we are in the culture where nothing matters anymore like all these things that like you people stood for don't matter and i think it just really upset people

Yes and no.

I think the difference is an Uber, a service business eventually will be able to be profitable.

Apparel business, it takes a lot and it takes a lot longer.

Whereas like an Uber or a WeWork, I'm working from a WeWork right now.