Shein, one of the largest fast-fashion retailers in the world, is set to acquire the \u201cquiet luxury\u201d apparel brand Everlane, media reports said. <\/p>\n
Shein will buy Everlane from majority owner L Catterton for $100 million, according to a deal signed Saturday, Puck reported<\/a>. Everlane was once valued around $600 million at its peak in the 2010s. <\/p>\n The acquisition signals a sharp change of course for Everlane, which has centered itself on sustainability and transparency. <\/p>\n Shein\u2019s fast-fashion business model<\/a> involves mass production of clothing at the cheapest price, a trend that has drawn criticism from environmentalists and labor rights activists. <\/p>\n Based in San Francisco, Everlane boomed in popularity soon after its inception in 2011. <\/p>\n It offers refined classics such as sweaters, slacks and lounge wear through a direct-to-consumer online store. <\/p>\n Everlane\u2019s popularity declined after the COVID-19 pandemic and the softening of the e-commerce boom in the 2020s. <\/p>\n It was burdened by intense competition from other online retailers and a consumer base that prioritized cheap prices over environmental responsibility. <\/p>\n In 2024, Shein faced restructuring needs that led to a $25-million loan, Forbes reported<\/a>. Allbirds, another once-popular apparel retailer based in San Francisco, announced last month it was shifting its focus from sneakers to AI chips. <\/p>\n Holders of Everlane common stock won\u2019t receive a payout, Puck said, citing a note sent to shareholders Sunday morning. It\u2019s unclear whether preferred shareholders will receive cash or shares of Shein for the sale.<\/p>\n Shein did not immediately respond to a request for comment and Everlane said it could not confirm the deal. Neither company has publicly announced the sale. <\/p>\n