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The fund of Everlane’s co-founder bought up Shein. Now Preysman is launching stillradical.com — and consciously rejecting venture money. For the first time in 15 years, the DTC pioneer is building a business honestly.
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What happened
In May 2026, it became known that the sustainable fashion brand Everlane, founded by Michael Preysman in 2011, had been sold to the Chinese retailer Shein. For the industry, this was a shock: the company that launched the direct-to-consumer movement, a symbol of ethical fashion and transparency, went to a player with a reputation for maximally fast and cheap clothing. Preysman learned about the deal from the news, like everyone else. But literally a week later, he announced a new project — stillradical.com. For now, the site has only a landing page and a waitlist subscription form. The key statement: “We are starting over. The same principles, but a new approach. And for the first time — without venture capital, without private equity.”
How this is useful for business
The Everlane story is the classic path of a DTC brand: rapid growth on venture money, a $250 million valuation, slowdown, layoffs, sale. Preysman went through this entire cycle and understood the main thing: in the pursuit of metrics, he lost control. Rejecting external financing is not romance, but a strategic choice. Without investors, there are no obligations for exponential growth. You can build a business around margins, not around GMV. For entrepreneurs, this is a signal: the “burn money for market share” model has exhausted itself. Sustainable growth without destroying unit economics is not a utopia, but the new norm.
How to make money from this
Preysman did not disclose details, but the model can be read from context. The first source of income is premium DTC positioning. Without intermediaries, the brand captures the margin that stores and investors used to take. The second is the waitlist as a tool for pre-sale and demand validation. Instead of launching inventory and pouring money into advertising, the team first gathers an audience and receives pre-orders. The third is partnerships and licensing of brand principles. Supply chain transparency, which Everlane made its calling card, can be sold to other companies as a consulting product or franchise.
Business ideas
1. Launch a clothing brand with a waitlist-first approach. Take the stillradical principle: first gather a base of interested people, then produce exactly according to demand. Monetization — through pre-order with a 15-20% markup over the mass market.
2. Create an aggregator platform for DTC brands without venture capital. Help manufacturers reach buyers directly, charging an 8-12% commission per transaction. Earn on sales technology and logistics.
3. Open a marketplace of “transparent” factories. Show production chains, labor conditions, and material costs. Charge placement fees from $500/month from each factory.
4. Develop a course “DTC Without Venture Capital.” Teach entrepreneurs to build businesses on bootstrapping, crowdfunding, and profit. Sell for $299-799 per module.
5. Launch a subscription service for a capsule collection. The client pays $89/month and receives 3-5 basic items per month. Made-to-order production, minimal inventory leftovers, predictable cash flow.
Risks and limitations
Without venture money, the company grows more slowly. Preysman will not be able to scale production, marketing, and the team at the same time. Competitors with budgets in the tens of millions of dollars will capture market share faster. The second risk is losing talent. The best specialists often choose companies with options and equity. The third is the “irony of fate” effect: a brand sold to Shein is difficult to position as a defender of ethical fashion. The audience may not forgive the contrast between the ideals and the outcome.
7-day action plan
Day 1-2: Analyze your current business. Is there dependence on external financing? Which metrics are you pushing for the investor rather than for the money? Write down three things you would do differently without growth obligations.
Day 3: Study the waitlist model. Look at how pre-order campaigns worked on Kickstarter, Indiegogo, and your own site. Calculate the conversion from waitlist to purchase — usually 5-15%.
Day 4: Find a niche where transparency and sustainability are a competitive advantage. This can be not only clothing, but also food, cosmetics, and home goods.
Day 5: Build a list of 100 potential customers. Not through cold outreach, but through content: an article, video, or podcast about your approach. Give people a reason to subscribe on their own.
Day 6: Build an MVP landing page for $50-200 on Tilda, Carrd, or Readymag. One page, one offer, a subscription form. Nothing extra.
Day 7: Launch the waitlist. Send the link to two or three social networks where your audience lives. Do not wait for thousands of subscribers — feedback from the first 50-100 people matters.
Original news: Fast Company · See other news in the news section.
