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  3. Social Currency with Sammi Cohen Podcast
  4. Everlane, Reformation and the Cracks in "Ethical Fashion"
They launched a year apart with nearly identical pitches: shop
online without the guilt. Everlane sold radical transparency about
factory costs and markups. Reformation sold sustainable,
vintage-inspired style with a wink. Both became the "ethical
option" for a generation of shoppers, both took private equity
money within months of each other in 2019 and 2020, and both saw
their founders step back from day-to-day operations around the same
time. Then their paths split. Today, Sammi breaks down how a public
reckoning over workplace culture nearly sank Reformation in 2020,
and why it recovered anyway. Meanwhile, Everlane's unraveling was
quieter: leadership turnover, stagnant product, mounting debt and a
liquidation loan that eventually led to Shein acquiring a majority
stake in a deal that wiped out shareholders. Sammi also digs into
Reformation's July 2026 IPO on the NYSE, including a $92 million
loan taken out just before filing that funded a dividend to
existing investors, and what that means for the public investors
buying in now. Plus, why the brand whose entire pitch was "know
your factory" ended up owned by one of the biggest names in fast
fashion, and what Everlane founder Michael Preysman is doing next.
Follow Sammi Cohen on Instagram Subscribe to the Social Currency
newsletter Here's What Sammi Covers Today: 00:00 Two Brands, One
Ethical Fashion Pitch 02:26 Partner Message: Bilt 02:28
Everlane's Radical Transparency Origin Story 03:59 Reformation's
Vintage, Style-First Beginnings 04:38 Style First vs. Story
First 04:15 The Private Equity Fork in the Road 05:20
Reformation's 2020 Cultural Reckoning 06:41 The Founder's Exit
and the Aftermath 07:56 Everlane's Quiet Decline 08:29
Layoffs, Debt and Fading Relevance 08:44 Partner Message:
Shopify 09:05 Shein Acquires Everlane 09:48 Reformation's Path
to an IPO 10:16 The $92 Million Dividend Before Going Public 11:52
Reformation Debuts on the NYSE 12:16 What Really Keeps a
Mission-Driven Brand Alive 12:38 Michael Preysman's New Brand,
"Still Radical" Thanks to Our Sponsors!
Bilt: joinbilt.com/socialcurrency
Shopify: shopify.com/socialcurrency Learn more about your ad
choices. Visit megaphone.fm/adchoices

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