About a year and a half ago, a guy named Alfred Chang became the C.E.O. of Everlane, the San Francisco startup once thought of as a second (Or third? Or fourth?) coming of Gap. Chang, a longtime PacSun executive credited with making Fear of God a suburban middle-school staple by distributing Jerry Lorenzo’s Essentials line in hundreds of malls across America, arrived at Everlane at a crucial moment: Four years after receiving an $85 million investment from LVMH-linked private equity firm L Catterton, the company was in all but freefall following the exit of its founder, Michael Preysman, who had been replaced in 2021 by Deckers exec Andrea O’Donnell.