Chinese fast-fashion company Shein to buy eco-friendly retailer Everlane

Chinese fast-fashion giant Shein is acquiring eco-friendly retailer Everlane. Everlane CEO Alfred Chang confirmed the sale in a letter to employees, stating the brand will remain independent and maintain its sustainability commitments. The acquisition comes as Everlane faces declining sales and mounting debt, with Shein expected to provide necessary financial stability. Chang will continue as CEO, and Everlane's leadership will remain in place. While the purchase price was not disclosed, the deal is seen as a move to save Everlane, though it may be jarring for its core customer base.

Fast-fashion giant Shein is acquiring Everlane, a retailer known for its commitment to ethically sourced and sustainable clothing. The confirmation of the deal came via a letter to Everlane employees from CEO Alfred Chang, obtained by the Associated Press on Friday. The purchase price was not disclosed, and Shein declined to comment. Everlane, founded in 2011 with a mission for eco-friendly and affordable apparel, had previously publicized audits of its labor practices and environmental impact. However, the company has faced recent controversies regarding worker treatment. L Catterton had become Everlane's majority owner by September 2020.