You’ll be tasked with making plenty of those, thanks to Everlane’s new, inventive “Pay What You Want” sale, ending tomorrow, Dec. 31. So, how exactly does it work? Just like the sales of every other major It-girl retailer, the online-only shopping destination is significantly discounting everything from neutral-toned slip-on sneakers to wool trench coats and loose-fitting, breezy silk shirts. And while the markdowns are standalone noteworthy, this transparent sales strategy is allowing you, the customer, to choose how much you’d like to pay per item from a selection of three reduced price points, free of any catch.
To put it in layman’s terms, you can pay $29, $35, or $54 for a tank top originally priced at $60, for example. As Everlane founder and CEO Michael Preysman told BuzzFeed News, the lowest price covers the company’s production and shipping costs, while each additional level protects the brand’s “overhead,” allowing them to “invest in growth.” “Everlane’s obviously for profit, so for most people, we were trying to explain how sales work and how we think about them, and maybe for those with a stronger affinity, they may have wanted to contribute in a way beyond that,” he said.
The executive also discussed how the sale is simply designed to explain to customers how their pricing works, and also easily clear goods that “take a really long time” to get rid of. Dust off your credit card and head to everlane.com now before the sale ends Thursday, Dec. 31.