Shein to acquire eco-friendly retailer Everlane

Chinese fast-fashion giant Shein is set to buy Everlane, the US-based sustainable clothing brand, in a deal confirmed by Everlane CEO Alfred Chang in a letter to employees obtained by the Associated Press. The acquisition comes as Everlane struggles with weak sales and mounting debt. No purchase price was disclosed, and Shein declined to comment. Everlane, founded in 2011 by Michael Preysman and Jesse Farmer, built its reputation on eco-friendly and affordable apparel, transparent audits of pay and working conditions, and environmental impact reporting. It opened its first physical store in 2017. However, the company has faced controversies over worker treatment in recent years. L Catterton, which began acquiring significant stakes in Everlane in September 2020 and became its majority owner, also holds stakes in Boll & Branch, Etro, and Birkenstock.