The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The investment firm announced the financing on Wednesday.
In September, Everlane’s financial partners announced that the direct-to-consumer apparel seller had secured $65 million in revolving credit from CIT Northbridge, along with a $25 million loan from an undisclosed financial partner. At the time, the brand’s founder and executive chairman Michael Presyman said it plans to open more stores and develop new products. The financing also comes as Everlane looks to turn itself into a traditional fashion brand by releasing seasonal collections instead of product drops.
Gordon Brothers historically specialised in liquidating the assets of bankrupt retailers, but has expanded into financial services and brand management in recent years. In 2020 it provided a $13 million loan to Moda Operandi, and in 2017 it acquired the fast fashion retailer Wet Seal, which it relaunched as an online brand.
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Beyond Disruption: Everlane’s Next Chapter
After public scandal threatened its ethical image, CEO Michael Preysman believes the L Catterton-backed disruptor can still win on radical transparency even as competitors lay claim to the sustainable fashion space.
In London, where independent labels have been hit hard by the implosion of key stockist Matches, brands like Clio Peppiatt, Marfa Stance and Completedworks have grown direct-to-consumer businesses that peers can learn from.
Apparel start-ups founded on the promise of offering men the perfect T-shirt are proving resilient in an otherwise dreary DTC sector rampant with fire sales, bankruptcies and steep revenue declines.
Apparel brands Knot Standard and Billy Reid are teaming up in a move investors say we may see more of as fashion start-ups seek alternative funding routes to grow their businesses.
Warby Parker, Everlane and other brands are partnering with small, but buzzy fashion labels as an inexpensive way to find new customers, and regain some status with shoppers who have moved on.