Everlane acquired by Shein for $100 million, signaling millennial brand struggles
7 reported
According to a report by fashion editor Lauren Sherman of Puck, eco-conscious apparel brand Everlane has been acquired by Chinese fast-fashion conglomerate Shein for $100 million. The deal, approved by Everlane’s board, sparked online outrage among consumers who viewed Shein as the antithesis of Everlane’s values of transparency and ethical manufacturing. Sherman explained on the podcast Today, Explained that Everlane, launched around 2010-2012, built its brand on radical transparency and cool basics, but began struggling after 2018-2019 due to strategic product changes and a cultural shift away from sustainability-focused marketing. The brand had previously sold a majority stake to a private equity firm before the Shein acquisition. Sherman noted that other millennial-coded brands like Glossier and Allbirds are also struggling, while Warby Parker has succeeded due to finding a white space in the eyewear market.
What’s reported
Everlane was acquired by Shein for $100 million.
The deal was approved by Everlane’s board hours after Lauren Sherman broke the news.
Everlane launched around 2010-2012 with a focus on transparency and cool basics.
The brand struggled after 2018-2019 due to strategic product changes and a cultural shift away from sustainability.
Everlane previously sold a majority stake to a private equity firm.
Glossier and Allbirds are also struggling, according to Sherman.
Warby Parker has performed well due to a monopoly in the eyewear business.
Key figures
Lauren Sherman, fashion editor at Puck
Noel King, co-host of Today, Explained
Sources: vox.com
