Are You a Victim of Cashmere Price Gouging?
If you're looking to stock up on cashmere for the cooler months, then you may want to check out Everlane's selection for more than its color selection. Everlane founder and CEO Michael Preysman took the brand's transparency to the next level by informing customers of a recent price drop for the cashmere crew and why they will never price gouge. In an Instagram post, Preysman writes, "We all know cashmere is expensive. It's one of the most premium fibers on the market. But here's a secret: The cost of raw cashmere fluctuates wildly."
He continues to explain that the price changes for raw materials mean brands can keep pricing high even when materials are low, which is the case at the moment. "They keep the extra profit. That's not honest," he explains. "We're doing something different. Due to a slowdown in the luxury market, the cost of cashmere has dropped 16 percent. So we've lowered our prices to pass those savings on to you," he says. The cashmere crew that once retailed for $125 is now $100 due to the drop in cost for the materials and the brand's honesty about it.
Read the full statement on Everlane's "Radical Transparency" below and keep scrolling to get your $100 cashmere sweater before they're all gone.
What do you think of Everlane's commitment to being honest with its customers? Tell us your thoughts in the comments.