Everlane, the retailer that bucked the fast-fashion industry by promising affordable ethically sourced and sustainable clothing, is being acquired by the king of fast-fashion, China’s Shein.
A letter to Everlane employees from CEO Alfred Chang confirming the deal was obtained by Associated Press on Friday.
Everlane did not disclose a purchase price. Shein declined to comment.
Advertisement
Everlane was founded in 2011 by Michael Preysman and Jesse Farmer with a mission to produce eco-friendly and affordable clothing. The company publicised regular audits of its pay and working conditions, as well as the brand’s environmental impact. The online retailer opened its first physical store in 2017.
But the company in recent years has been embroiled in controversies surrounding treatment of its workers, according to media reports.
Advertisement
L Catterton began acquiring significant stakes in Everlane in September 2020. becoming its majority owner. It also owns a significant stake in brands Boll & Branch, Etro and Birkenstock.
 Â
​Read More