Everlane, known for sustainability, has been sold to fast fashion retailer Shein | CBC News

Everlane, a U.S. sustainable fashion brand known for “radical transparency,” has been bought by online fast fashion retailer Shein. Everlane CEO Alfred Chang said the companies reached an agreement for the sale and that Everlane will remain an independent brand focused on sustainability and “exceptional quality.” Chang said the partnership will expand reach while staying grounded in core principles. Shein did not provide comment after multiple requests. Earlier reporting indicated the sale was approved by Everlane’s board and that a deal involving L Catterton’s majority stake was finalized on Friday. Everlane did not disclose financial terms, though prior reporting valued the company at $100 million US.

"Everlane, the sustainable fashion brand which sought to change the industry with its "radical transparency" approach, has been bought by online fast fashion retailer Shein. In an emailed statement from Everlane on Friday, CEO Alfred Chang said the two companies reached an agreement for the sale. Chang said that Everlane will remain an independent brand committed to sustainability and "exceptional quality." "This partnership creates incredible new possibilities to accelerate that vision and with greater reach, while staying grounded in our core principles," Chang said in the statement."

"Chang said that Everlane will remain an independent brand committed to sustainability and "exceptional quality." "This partnership creates incredible new possibilities to accelerate that vision and with greater reach, while staying grounded in our core principles," Chang said in the statement. Shein did not respond to multiple requests for comment from CBC News. Puck News first reported that the sale had been approved by the company's board last weekend."

"A representative for Everlane would not say when the deal was finalized, but the New York Times reported that the deal for private equity firm L Catterton to sell its majority stake in Everlane was finalized on Friday. While Everlane did not disclose the financial terms of the sale, Puck News had reported that the deal valued Everlane at $100 million US."

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