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Everlane's Choose-Your-Price Sale Explained

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There are dozens and dozens of after-Christmas sales to shop today, but the one going on right now at Everlane might be the best — or at the very least, the most creative. For the next five days, the retailer is letting shoppers choose their own price on select merchandise. For example: this black wool trench is normally $250, but today, you can choose to either pay $110, $132, or $225 for it.

Once you select a price, Everlane breaks down where your money's going. So for that trench, $110 covers the costs of production and shipping; the additional $22 would go toward all of that, plus overhead for Everlane staffers; and the extra $115 would be put toward investment and growth.

The trench is one of the pricier pieces on sale, but if you're just looking to pick up a few things in bulk, tops are as low as $29 and trousers are as low as $46.

Update: Everlane CEO Michael Preysman spoke with BuzzFeed to explain the reasoning behind his company's choose your price sale. Preysman says that the idea is inspired by Radiohead, who let listeners pay whatever they wanted for their 2007 album In Rainbows, and the Metropolitan Museum of Art, which only asks for a "recommended" donation for admission.

Preysman also said that the sale was important in making Everlane even more transparent. "Part of it was this opportunity to explain to the customer what the markup meant, and then the opportunity to give the customer a choice," Preysman tells Buzzfeed.

Everlane tested the sale last week and found that roughly 10% of people chose to pay more than the lowest listed price. Why would someone not go for the best value? "It's the affinity," Preysman explains. "If you're honest and transparent with people, then they'll sort of treat you with decency in return."