Everlane Finalizes Sale to Shein, the Fast Fashion Giant
The New York Times • • business
Key Points:
- Shein, known for ultra fast fashion, has acquired Everlane, a U.S. retailer marketed as sustainable, with the deal finalized last Friday.
- L Catterton, a private equity firm backed by LVMH, sold its majority stake in Everlane, reportedly for around $100 million, down from a previous valuation of $250 million in 2016.
- Everlane’s CEO Alfred Chang stated the brand will remain independent and maintain its sustainability commitments, aiming to expand globally and accelerate its vision.
- The acquisition sparked backlash from Everlane’s customer base, who viewed the sale to a fast fashion giant as a betrayal of the brand’s climate-conscious values.
- Industry analysts noted Everlane’s financial struggles and debt, suggesting the sale was a strategic move to find a buyer amid poor performance.