Millennial darling Everlane was bought by Shein.
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When Alex Collins, 35, heard in mid-May that fast-fashion giant Shein reportedly bought sustainability darling Everlane, she thought it was a late April Fool's joke.Collins, a Midwest-based lawyer, has been buying Everlane — a quintessential millennial brand — for over a decade. She recently ordered a haul for a trip to Europe, and is a fan of their jackets, pants, and minimalist aesthetic. To her, Shein — which has been dinged for its working conditions and environmental impact — is a very different beast."I've never had a good impression of them," Collins said.On Friday, the news became official. In a statement to Business Insider, Alfred Chang, Everlane's CEO, said that the company had reached an acquisition agreement with Shein."Everlane will remain an independent brand, staying true to our longstanding brand values, sustainability commitments, and exceptional quality," said Chang. "We are entering this next phase with expanded global reach, new capabilities, and greater opportunities to bring our mission and products to more customers around the world."Current employees told Business Insider that they learned of the initial news via social media and received no information about the sale until Friday's confirmation. An internal memo seen by Business Insider said that Chang and the leadership team will remain intact and that "this past week has been a hard one."Millennial brands like Everlane, characterized by worker- and environmental-friendly practices and a direct-to-consumer model, have faced a reckoning. Lower prices and trendy values have been subsumed by brands' long-term business needs, forcing them to raise prices when venture capital runs out or to pivot to AI when times get tough.
