Everlane is reportedly being acquired by fast fashion company Shein.
The brand, founded in 2011 by Michael Preysman and Jesse Farmer, was built on “fashioning a better future,” and markets itself with three pillars of sustainability: Keep Earth Clean, Keep Earth Cool, and Do Right By People.
Now, Puck reports that the company is being acquired by the Chinese brand, which has been deemed the biggest polluter in fast fashion.
The reported deal values Everlane at $100 million, and was approved by the board on Saturday (May 16), a source told the insider outlet. The brand was allegedly looking for an investor amid about $90 million in debt as of March, according to the report.
“In the end, Shein, the Chinese fast-fashion group known for its ultra-cheap goods, saw the opportunity—inspired, perhaps, by the success of Quince, another San Francisco–based startup that has merged Shein’s quick-and-dirty approach to production and distribution with Everlane’s faux-luxury positioning,” Puck reported.
L Catterton took a minority stake in the business in 2020, and founder Michael Preysman left.
Last year, someone who looked an awful lot like Luigi Mangione was seen modeling a shirt on Shein’s website, and the brand addressed how this happened.
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