Shein, the online retailer that has become the de facto face of ultra fast fashion, has acquired Everlane, a U.S. retailer branded as sustainable, according to Everlane’s chief executive.
In a deal that was finalized on Friday, L Catterton, the private equity firm backed by luxury conglomerate LVMH, sold its majority stake in Everlane. The company would not say how much it was sold for, but Puck News had reported over the weekend that the price was $100 million. The brand had once aspired to reach $1 billion a year in sales of items like button-down shirts, slacks and striped T-shirts. In 2016, the company said it was valued at $250 million.
Alfred Chang, Everlane’s chief executive, said in a statement to The New York Times that Everlane will “remain an independent brand” and keep its “sustainability commitments.” He framed the acquisition as a way to expand the brand’s global reach and “accelerate” their vision.
Chang will remain in his role, according to a memo sent to staff by Chang and Everlane’s leadership and seen by The Times.
Representatives for Shein and L Catterton did not respond to repeated requests for comment.
After reports last weekend that L Catterton’s board had approved a deal, it set off a wave of backlash for Everlane, whose consumers saw the proposed sale to the ultra fast fashion giant as a betrayal of the brand’s climate-conscious ethos. Outlets like the Guardian and GQ all but wrote elegies for Everlane and the era of slow fashion.
“I don’t think it’s a surprise that Everlane has been acquired,” said Neil Saunders, the managing director and retail analyst at GlobalData. “I think the brand has a lot of debt, it hasn’t been performing, and I think it’s been looking for someone to buy it out.”
