NEW YORK (AP) — Everlane, the retailer that bucked the fast-fashion industry by promising affordable ethically sourced and sustainable clothing, is being acquired by the king of fast-fashion, China’s Shein. A letter to Everlane employees from CEO Alfred Chang confirming the deal was obtained by The Associated Press on Friday. Everlane didn’t disclose a purchase price. Shein declined to comment Everlane was founded in 2011 by Michael Preysman and Jesse Farmer with a mission to produce eco friendly and affordable clothing. The company publicized regular audits of its pay and working conditions, as well as the brand’s environmental impact. The online retailer opened its first physical store in 2017. But the company in recent years has been embroiled in controversies surrounding treatment of its workers, according to media reports.L Catterton began acquiring significant stakes in Everlane in September 2020. becoming its majority owner. It also owns a significant stake in brands Boll & Branch, Etro and Birkenstock.
Preysman officially stepped down in 2022.“Like many brands, we’ve faced increasing pressure in a rapidly changing retail landscape,” Chang wrote in the letter. “This partnership allows us to remain independent, and gives us the stability and resources to make a larger impact, without compromising on the quality and standards that make Everlane, Everlane.”
