Why Was Everlane Evicted the Same Year It Sold for $100 Million?

Everlane sold to Shein in 2026 for a fraction of its 2020 valuation, after new ownership borrowed heavily to reposition the brand upmarket instead of protecting the customer trust that built it. This piece breaks down the financial mechanism behind that decision, gross margin, debt, and the cost of chasing a new customer, and what it means for any founder deciding who to court and who controls the money in her business.