In 2017, the clothing brand Everlane opened its first brick-and-mortar store in Nolita. Right down the block from the former location of the bookstore McNally Jackson, it was a beacon of retail at the time, austere, brightly lit, and installed with shelving that brought to mind a gym locker room at an upscale hotel. It stocked blandly tasteful basics, both men’s and women’s, that promised somethin...
The rise and fall of millennial lifestyle brands like Everlane and Food52 reveal a broader pattern of venture capital distorting markets by subsidizing unsustainable business models. These companies thrived by selling an illusion of authenticity—minimalist design, ethical sourcing, and community—while relying on investor cash to undercut traditional retailers. The pandemic accelerated their decline, as remote work reduced demand for office wear and financial pressures exposed their lack of genui...