Everlane, the American apparel brand, is reportedly being sold to Shein, a Chinese fast-fashion company, in a deal valued at around $100 million. This move is aimed at helping Everlane resolve its roughly $90 million debt, according to multiple outlets. Neither Everlane nor Shein have publicly commented on the potential sale. Shein, the potential buyer, has faced long-standing criticisms over its labor practices and environmental impact, which could potentially clash with Everlane's emphasis on 'radical transparency' if the deal is confirmed. Everlane's leadership and strategic changes in recent times have been driven by its debt and shrinking store footprint, contributing to the brand's current situation.
Sources
Everlane, a company that promised affordable, ethically defensible clothes, may be over as customers have known it. Its reported sale to Shein is worrying fans of sustainable fashion.
www.cnn.comThe rise and fall of a 'radically transparent' direct-to-consumer clothing company feels like an Obama-era fever dream. Is it still possible to maintain a sustainable fashion brand?
www.gq.comThe 'radically transparent' company is reportedly being bought by Shein, a fast fashion behemoth.
www.nytimes.comEverlane, a millennial clothing brand known for sustainable fashion, is selling to fast-fashion giant Shein, according to multiple reports.
www.inquirer.comThe digital-first basics brand known for “radical transparency” is betting a stronger stylistic point of view will help it boost performance.
www.businessoffashion.comAfter public scandal threatened its ethical image, CEO Michael Preysman believes the L Catterton-backed disruptor can still win on radical transparency even as competitors lay claim to the sustainable fashion space.
www.businessoffashion.comRead the latest UK headlines, on NewsNow. UK news, analysis and opinion from around the world.
www.newsnow.co.ukThe retailer once embodied a hope that clothes could be mass-manufactured and high-quality. Now it’s owned by the fast-fashion giant Shein. Kyle Chayka writes.
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