How I Built This with Guy Raz Everlane: Michael Preysman
42 snips
Nov 20, 2023 Michael Preysman, the founder of Everlane, shares his journey from finance to fashion, driven by a passion for transparency. He taught himself the entire production process and challenged industry norms by revealing the true costs behind his T-shirts. Michael discusses the impact of ethical practices on brand growth, as well as the hurdles faced during the COVID era. He emphasizes the balance between profitability and sustainable practices, showcasing how consumer advocacy fueled Everlane's rapid success.
AI Snips
Chapters
Transcript
Episode notes
Early Ventures
- Michael Preysman explored various online retail ideas, including a tool for Etsy and a Tumblr-based iPhone case store.
- The iPhone case store involved designing cases based on Tumblr likes and selling them at a small markup.
Markup Realization
- Realizing the high markups on iPhone cases (bought for $20, sold for $30), Michael Preysman had an 'aha' moment. He recognized the potential for higher profits by becoming the manufacturer and selling directly to consumers.
T-Shirt Idea
- Inspired by Warby Parker's model, Michael Preysman decided to apply the direct-to-consumer approach to basic t-shirts.
- He found that high-quality t-shirts, often sold for $45, cost only $7 to produce.