Private equity began snapping up fashion brands and cutting costs with hopes of selling them at a profit in three to five years. Soon after, one of Everlane’s founders left the company, and L Catterton installed a new one. In 2023, it sold a majority stake to, again, L Catterton, which claimed it could scale the business fivefold. Instead, L Catterton has reshuffled APC’s leadership, and no singular creative ethos has entered the conversation. Rag & Bone used to be a darling of New York Fashion Week, fusing British tailoring with a downtown New York sensibility.