- Startups - Michael Preysman of Everlane - TWiST #253

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 Jason: I found your infographic on internet and it immediately pulled me 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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FOLLOW ON TWITTER
Jason: @jason
Tyler: @steepdecline
Michael: @mpreysman
Trada: @trada
Walker Corporate Law: @scottedwalker

• Category

  • News
  • Science & Tech

• Starring:

  • Jason Calacanis

• Directed by:

  • Brandice Payne

• Produced by:

  • Brandice Payne

• Written by:

  • Kirin Kalia

[Winter Burns]

Can you get a haircut online? No. Can you get a manicure or a pedicure online? No. Can you get massage online? No. Can you get a bra fitting online? No. Can you get your eyes tested online? No. Can you get dentistry work done online? No. Blah, blah, blah.

The future of the mall is obvious.

What happens when these start getting whacked on eBay by profiteers for twice as much but still cheaper than the competition? If your out of stock, people's next stop is eBay.

[Andrew Roberts]

haters going to hate...these are some of the nicest t's ive worn. I would buy these over $60 lacoste any day.

[mrloveberlin]

Keep it up Everlane.

[FFWDEntertainment]

Jason needs to take a lesson from gary vee...any real twist fan can tell when he's being fake or playing dumb. For example the free tshirt promo thing...id bet money jason knew what was up on the free tshirt when he tweeted everlane.

[Hunter Haley]

great show

[swankrecords]

good things aren't cheap and cheap things aren't good. so high fashion charges excessive prices to give the **ILLUSION** of exclusivity regardless of actual cost. Armani's reputation for buttons falling off. Gucci sunglasses break easily, etc. 

[swankrecords]

Moschino has a $365 t-shirt just for you.

[Pacdisciple]

Bullshit. The mark-up pays for retail space, employees, advertising, etc. Just because you are using a different business model (ie: online only, fewer workers, no advertising) doesn't mean that the other brands are ripping people off. The value proposition is different.

[Alex Hill]

Best.Intro.Ever.