Biography
At the age of 25, Michael Preysman founded direct-to-consumer brand Everlane, leveraging social media and the internet to bypass middlemen, keeping prices low and margins high. Everlane’s commitment to “radical transparency” and focus on high-quality, honestly priced basics has resonated with consumers and the company is reportedly valued north of $250 million.
Preysman attended Carnegie Mellon University in Pittsburgh, where he achieved a dual degree in engineering and economics. After graduating, he worked for three years in private equity at Elevation Partners.
With what he describes as a deep passion for design, branding and storytelling, Preysman founded Everlane in San Francisco in late 2010. The brand began by selling high-quality T-shirts with a minimalist aesthetic at a fraction of the cost of other retailers, routing around the inefficiencies of fashion's traditional wholesale system. Everlane discloses on its website exactly how much each of its products cost the company to make, alongside Everlane's retail price and what these products would likely cost a traditional store.
To date, Preysman has raised $18 million in funding from investors including Lerer Hippeau Ventures, Maveron and 14W. In 2014, Preysman appointed former Gap creative director Rebekka Bay as head of product but left in 2017. Head of creative, Alexandra Spunt, became chief creative officer in 2018. The company now offers a full range of womenswear and menswear, along with leather goods and shoes, including Everlane's latest venture Tread, a unisex sustainable sneaker line.
In 2015, Preysman was included in Forbes' annual “30 Under 30” list for his work with Everlane and for "reinventing retail and e-commerce." In 2019, Everlane announced its ReNew commitment — to eliminate virgin plastic from its supply chain by 2021 from products, warehouses, offices and stores.