Shein, the Chinese ultra-fast-fashion giant, has acquired Everlane, the sustainable apparel brand, for an estimated $100 million. The deal, finalized on Friday, has drawn comparisons to “SeaWorld buying PETA” due to the stark contrast between the two companies’ reputations. Everlane built its brand on ethical production and “radical transparency,” while Shein has faced widespread criticism over its labour practices and environmental impact.
Everlane, founded in San Francisco in 2011, gained a loyal following for its minimalist basics and commitment to sustainability, including a pledge to achieve net-zero emissions by 2050. However, the company has struggled with post-pandemic demand shifts, rising costs, and mounting debt of around $90 million. The sale proceeds are expected to go toward settling liabilities, with shareholders unlikely to receive any payout.
Shein, which produces an estimated one billion items per day, has been criticised for its heavy reliance on virgin polyester and oil-intensive manufacturing, generating carbon emissions comparable to 180 coal-fired power plants annually. Branding experts suggest the acquisition is a strategic move for Shein to revamp its image and tap into the “quiet luxury” market, appealing to more affluent and climate-conscious consumers.
Everlane’s chief executive confirmed the deal to the New York Times but did not disclose the exact price. Puck News had previously reported the $100 million figure. The Independent has contacted both companies for comment.
