Everlane, a sustainable fashion brand known for its “radical transparency” approach, has been acquired by online fast fashion retailer Shein. The sale agreement was confirmed in a statement from Everlane’s CEO Alfred Chang, emphasizing that Everlane will continue as an independent brand dedicated to sustainability and top-notch quality.
The collaboration aims to enhance Everlane’s vision and expand its reach while staying true to its core principles. Despite Everlane not disclosing the financial details of the transaction, reports suggest the deal valued Everlane at approximately $100 million US. The sale marks a significant development following Everlane’s struggles with declining sales and accumulating debt.
The acquisition sparked online backlash among loyal customers who viewed the move as contradicting Everlane’s environmental consciousness. Notable for its ethical production and transparent practices, Everlane revolutionized the industry by openly sharing information about its factories and materials cost breakdowns.
In contrast, Shein is recognized for its rapid production of thousands of new products daily at low prices, often linked to labor-intensive practices. Critics highlight concerns about Shein’s fast-paced model potentially compromising ethical and environmental standards in the fashion industry.
While sustainable brands like Everlane face challenges in a market dominated by fast fashion, industry experts emphasize the importance of structural changes to drive overall sustainability. They suggest that policies holding fashion companies accountable for their waste and emissions are crucial for fostering a more sustainable fashion landscape.
