E253: Michael Preysman of Everlane on This Week in Startups

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On This Week in Startups, first-time entrepreneur Michael Preysman joined Jason to discuss his disruptive play in the luxury clothing space. Everlane, Michael’s company, offers designer goods (think tees, sweatshirts, totes and ties) for under $100 in a thoughtfully curated, ever-changing collection.

1:00-3:30 Welcome everyone, with me today is Michael Preysman the co-founder of Everlane.
3:30-4:45 One of the things I’ve always been obsessive about is the perfect black tee shirt.
4:45-6:00 Thank you to Walker Corporate Law for their support of TWiST! Everyone thank @ScottEdWalker, then call Scott at 310-288-6667.
6:00-8:45 Found infographic on internet, not best one seen, but immediately pulled him in.
8:45-10:00 Michael: Fashion industry pricing is opaque. We went out there to be transparent and show true costs.
10:00-11:30 What made you want to get into this business?
11:30-14:00 Could you go even higher quality?
14:00-14:45 Who was in your angel round?
14:45-17:00 What is net promoter score?
17:00-20:30 What quantity do you have to produce the merchandise in in order to make the pricing work?
20:30-22:00 When we talked, I proposed that there’s an opportunity for a club, or some limited-access group. Any thought of that?
22:00-25:00 Thank you to Trada for sponsoring TWiST! Everyone give them a shoutout @Trada!
25:00-28:00 What impact do you think Everlane will have on Gap, American Apparel and the like?
28:00-29:30 Only idiots will buy retail ten years from now.
29:30-30:15 What kind of margin can you run this business at?
30:15-36:00 Why we don’t spend money on branding.
36:00-38:15 You’re into economics, right? What is your view on the efficiency of the world and the future of employment and commerce?
38:15-40:30 If retail goes away will we have a permanent unemployment reset?
40:30-41:30 What’s the hard part? What keeps you up at night?
41:30-44:30 Michael: Consistency and fabric quality are the differentiating factors for clothing.
44:30-45:30 Are you losing money on shipping?
45:30-48:00 How many people are in the company?
48:00-49:00 It feels like you’re building a radical loyalty, by being so responsive on social media?
49:00-53:00 Where do you see the company five years from now?
53:00-54:45 Could I be buying Everlane dress shoes five years from now that will be of comparable quality to anything I could buy at Barney’s?
54:45-1:00:00 Why hasn’t this been done before?
1:00:00-1:02:15 Michael, I wish you continued success. Everyone follow him @mpreysman on Twitter and follow @everlane.
1:02:15-1:04:00 We’re going to be sitting here in five years when this is a billion dollar company and I’ll be saying I told you so, Michael.
1:04:00-1:05:30 You’re not going to raise a round any time soon, are you?
1:05:30- Thank you to Trada and Walker Corporate Law for their support. See you all next time!

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Jason: @jason
Tyler: @steepdecline
Michael: @mpreysman
Trada: @trada
Walker Corporate Law: @scottedwalker

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