Everlane, the eco-friendly fashion brand known for its commitment to transparency, has been acquired by Shein, an online retailer specializing in fast fashion. The sale agreement was confirmed by Everlane’s CEO, Alfred Chang, who stated that Everlane will continue to operate independently while staying true to its sustainability and quality standards.
The acquisition, as reported by Puck News and The New York Times, involved the transfer of ownership from private equity firm L Catterton to Shein. While the financial details were not disclosed by Everlane, reports suggest that the deal valued Everlane at $100 million US. Despite its initial success, Everlane faced challenges such as declining sales and accumulating debt.
The news of the acquisition sparked backlash among Everlane’s loyal customers, who viewed it as a departure from the brand’s environmental values. Industry experts, like Ken Pucker, noted the irony of a less sustainable company acquiring a brand known for its ethical practices and transparency in production.
Everlane’s approach to sharing detailed information about its supply chain and production costs set it apart in the fashion industry. In contrast, Shein is criticized for its high-speed production of thousands of new styles daily, often at low prices and with concerns over labor practices and chemical usage.
While Everlane’s sale reflects a trend of sustainable brands facing challenges, other eco-conscious retailers like Patagonia and Reformation continue to thrive. The struggle for sustainable brands lies in competing with fast fashion’s low prices and rapid turnover, especially when cost-conscious consumers prioritize affordability.
The acquisition of Everlane by Shein highlights the ongoing debate around sustainability in the fashion industry. While some argue that ethics alone are not always enough to drive consumer behavior, others believe that lasting change will require structural shifts in how fashion companies operate, including greater accountability for waste and emissions.