Everlane acquired by Shein for $100 million, report says
7 reported
According to a report by fashion editor Lauren Sherman of Puck, eco-conscious apparel brand Everlane has been acquired by fast-fashion conglomerate Shein for $100 million. The deal was approved by Everlane’s board hours after Sherman broke the news. The acquisition sparked online outrage from consumers who viewed Shein as the antithesis of Everlane’s values of transparency and ethical manufacturing. Sherman explained that Everlane, which launched around 2010-2012, built its brand on radical transparency and cool basics, but struggled after 2018-2019 due to strategic product changes and a cultural shift away from sustainability. The brand had previously sold a majority stake to a private equity firm before being sold to Shein. Sherman noted that other millennial brands like Glossier and Allbirds have also struggled, while Warby Parker has succeeded due to a monopoly in eyewear.
What’s reported
Everlane was acquired by Shein for $100 million, according to a report by Lauren Sherman of Puck.
The deal was approved by Everlane’s board hours after Sherman broke the news.
Online outrage followed, with consumers upset that Everlane sold to Shein, which has an opaque supply chain.
Everlane launched around 2010-2012, focusing on transparency and cool basics.
The brand struggled after 2018-2019 due to strategic product changes and a cultural shift away from sustainability.
Everlane had previously sold a majority stake to a private equity firm.
Other struggling millennial brands mentioned include Glossier and Allbirds; Warby Parker is cited as a success.
Key figures
Lauren Sherman, fashion editor at Puck
Noel King, co-host of Today, Explained
Sources: vox.com
