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Everlane Sold to Fast Fashion Giant Shein
22 May
Summary
- Everlane, known for sustainability, was acquired by Shein.
- The sale is viewed by fans as a contradiction of ethical values.
- Everlane aims to continue its quality and sustainability commitments.
Everlane, a fashion company that championed "radical transparency" and sustainability, has been purchased by the online fast fashion retailer Shein. The agreement was confirmed via a statement from Everlane's CEO, Alfred Chang.
Chang indicated that Everlane will continue to operate as an independent brand, upholding its dedication to sustainability and high-quality products. He expressed that the partnership will provide opportunities to advance their mission with a broader reach.
The sale has generated significant online criticism, with many consumers viewing it as a departure from Everlane's established ethical and environmental commitments. The financial terms were not disclosed, though reports suggested a valuation of $100 million US.
Everlane previously committed to substantial reductions in greenhouse gas emissions and goals for using sustainable materials. In contrast, Shein is known for its high-volume, low-cost production model and has faced scrutiny regarding chemical content in its products.
