Everlane is a digitally native retailer focused on sustainable apparel, accessories, and footwear. The company obtained a $25M term loan from Gordon Brothers to support continued growth and sustainability initiatives. The loan is secured by Everlane’s digitally native brand and working capital assets. Gordon Brothers framed the deal as a multi-asset lending solution and provides both short- and long-term capital to clients undergoing transformation. Everlane’s CFO said the financing will help build a better capitalized business and that the company is poised for continued expansion as it resonates with consumers making active purchasing decisions. Everlane is a stealth e-commerce platform co-founded by Michael Preysman that plans to sell designer-quality goods always under $100. The site operates as a members-only service that launches a new collection each month and invites members to vote and comment on new products. Everlane says it bypasses middlemen in manufacturing to cut roughly 90% of traditional retail costs and incorporate consumer feedback in real time. Product plans focus on American Apparel–style basics (t-shirts, sweatshirts) plus monthly accessory lines, including jewelry, that expire each month. The company has recruited retail executives from American Apparel, including that company’s former brand director and former content director, and aims to become a broader lifestyle brand similar to American Apparel or J.Crew. Everlane was still one month from its public launch at the time of reporting.

Total raised

$26M

Funding rounds

2

Latest round

Debt Financing

Latest activity

Nov 2022