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A page from the Shein website is shown in this 2023 photo taken in New York. (Richard Drew \/ Associated Press) <\/p>\n A page from the Shein website is shown in this 2023 photo taken in New York. (Richard Drew \/ Associated Press) <\/p>\n
Shein, one of the largest fast-fashion retailers in the world, is set to acquire the “quiet luxury” 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’s 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 Read more: Can anything slow fast fashion down? Lawmakers are giving it a go<\/a><\/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’s 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 Read more: A tariff loophole is closing. Why that matters for Shein, Temu and other Chinese online retailers<\/a><\/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’t receive a payout, Puck said, citing a note sent to shareholders Sunday morning. It’s 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 Last year, Shein began offering other fashion brands access to its manufacturing network in China. Shein has been looking for new revenue streams since President Trump’s tariffs<\/a> began hurting its apparel sales in the U.S.<\/p>\n Shein faces competition from Temu, a Chinese e-commerce company offering goods including bathing suits and dog collars at ultra-low prices.<\/p>\n