The Everlane acquisition has some in mourning, but the funeral happened long ago. When private equity assumes the role of majority stakeholder, the company's trajectory is set. PE does not acquire values, they acquire margin from attrition. Everything after that is a matter of fact, not whether. Standards don't collapse overnight, they erode under debt pressure and board logic. Consumer preferences are not part of the calculus. I'll say this — in the culinary world, provenance is not marketing, it is a material reality. A chef who can't source can't be the best. Provenance literacy is table stakes because commodity and prestige cannot coexist. Not intellectually, but also, literally. A locally grown tomato could never be confused for the one from the supermarket. Fashion has no such literacy. In its absence, marketing fills the vacuum. When private equity and customer values go head-to-head, the verdict has been set — and the same winner over and over again. Transparency does make a product more valuable, but unless it is valued, it is still worthless. COMOCO has assumed the logic of gastronomy. We will not attempt to convince you about the virtues of our sourcing. We move the way we do because of the knowledge that our tomatoes are the best. We trust consumers will keep up. The proliferation of farmers markets is proof they can, but ethics that are marketed could never be confused with those that are embodied. When they are, disappointment ensues.
This is a tricky thing to explain in Chinatown. “Oh! Bright, shiny, new!” They ask “is it good?” (Yay they are still asking that…) but we can appreciate there’s no empty storefront - and also ask: - what is lost when you order from QR code? - what connection is lost when you don’t even get to ask the server “what’s freshest today?” “What’s your favorite dish?” - if the food is good, and you’re able to have the whole experience with zero connection to another human? - do they employ people from the neighborhood? - do they support any orgs in the neighborhood? 😒 Is it better than an empty storefront? Probably yes. But what is lost when the investor cares ONLY about profit or debt they can bundle and sell?
John A. Lamon IV
4mo
Well said, Stephen - Clean clothing or not...The mass production, excessive debt and stakeholder control is what drove this deal. We hope this is a reminder to shop locally & shop small business 🇺🇸
Eric Henry
4mo
We are living in a time where we are exchanging People and Planet, for Power and Profit. Thanks for jumping in the apparel world to give hope and a model that still puts People and Planet first.
Lori J. Levy
4mo
So perfectly articulated.
I agree with your point regarding private equity. I think this acquisition also reveals that for Everlane, sustainability and “radical transparency” are nothing more than marketing strategies.