Shein is reported to plan an acquisition of Everlane, a San Francisco brand known for sustainable basics and radical transparency. Shein is characterized as an ultra-fast fashion company with murky supply chains, extremely high style output, and allegations involving secrecy and forced Uyghur labor. Everlane has faced financial pressure, including layoffs and the closure of its San Francisco office. The potential deal is described as involving a US$100 million price requested by Everlane’s majority owner, private equity firm L Catterton. Comments from sustainable fashion advocates express frustration and concern about where consumers will shop after losing a transparency-focused option.
"Now the internet is reeling from a report that Shein plans to acquire Everlane, the San Francisco-based sustainable basics brand built on radical transparency. Shein is the Chinese ultra-fast fashion giant epitomising murky supply chains and crazy-cheap landfill fashion. They release up to 10,000 styles a day, and have been making headlines of their own over secrecy and alleged links to forced Uyghur labour. Fashion reporter Lauren Sherman reported the acquisition plans this week, though neither Shein nor Everlane have confirmed."
"Everlane appears to be losing money fast. After layoffs in 2020 and 2023, the brand confirmed in April it was closing its San Francisco office. Stella McCartney launches sustainable collection with H&M Which Black Mirror episode is this? was a top comment on popular fashion Instagram account Diet Prada's post about the potential sale, which attracted dismayed comments from leading sustainable fashion advocates."
"According to Sherman, Shein sees value in the brand's supply chain and was the only one willing to stump up the US $100m asked by Everlane's majority owner, private equity giant L Catterton (which is backed by LVMH, and owned RM Williams before Australian billionaire Andrew Forrest bought it in 2020). Shein can afford it last year, their sal"
#ultra-fast-fashion #sustainability #corporate-transparency #supply-chain-ethics #mergers-and-acquisitions
Read at www.theguardian.com
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