In today’s surprising fashion industry news, private equity firm L Catterton is selling Everlane to none other than Chinese ultra fast-fashion giant Shein, Puck reported on Sunday. The deal valued Everlane at $100 million, and was reportedly approved by the board on Saturday.
It’s a rather…unique pairing, given that Everlane is a “sustainable” fashion darling with its transparent path to achieve net-zero emissions and its commitment to responsibly-sourced materials, and Shein is, well, Shein. The fast fashion e-commerce company has faced its fair share of controversies, including allegations of unethical labor practices, hazardous chemicals in its clothing and copyright infringement. Perhaps Shein is now seeking a reputational facelift by aligning itself with Everlane’s “radical transparency.”
Founded by Michael Preysman, Everlane launched in 2010 as a direct-to-consumer label offering minimalist basics to sustainably-minded shoppers. In its early days, Everlane stood apart in the industry by offering consumers a behind-the-scenes look into its production by explaining how and where each of its products were made.
L Catterton took a minority stake in the company in 2020 and later became its majority owner in 2024. However, the brand has stalled in recent years. L Catterton and Everlane CEO Alfred Chang had been searching for an investor to clear about $90 million in debt, Puck reported, but the private equity firm was also open to offloading the label.
Everlane and Shein did not immediately respond to Fashionista’s request for comment.
