Everlane is reportedly selling to Shein. The era of millennial optimism is officially over

"Everlane-once an icon of ethical fashion-is reportedly being sold for $100 million to Shein, arguably the least ethical fashion brand on the market. Everlane had been on shaky financial ground for years, and majority owner L Catterton began shopping it around in March. But few expected it to sell to a Chinese retailer credibly accused of forced labor and labeled by Yale researchers as "the biggest polluter in fast fashion.""

"It's the latest blow to a wave of ethical consumer brands that sprung up in the 2010s to court millennials. Last month, Allbirds-the sustainable sneaker startup-sold off its footwear assets, abandoned its environmental mission, and pivoted to artificial intelligence. Two years ago, Beautycounter-built on ridding harmful ingredients from personal care products-shuttered without warning after its troubled acquisition by the Carlyle Group. (Founder Gregg Renfrew bought back the brand and has since relaunched as Counter.)"

"These brands were born during the Obama years, when millennials were brimming with hope and convinced that progress was coming. Climate change felt like a problem that business, government, and consumers could solve together. Workers' rights, transparent supply chains, and cleaner materials appeared to be going mainstream. Now the reckoning has arrived in the middle of a second Trump administration that's actively dismantling climate policy and DEI initiatives. For millennials, the death of these brands feels like a collapse of a belief system."

"The bigger worry is that it could discourage the next generation of founders and investors from seeing business as a force for good. The Mission Was Real Everlane is selling out, to use the words of P"

Everlane, once known for ethical fashion, is reportedly being sold for $100 million to Shein, a retailer accused of forced labor and identified by Yale researchers as a major fast-fashion polluter. The sale follows years of financial instability, with majority owner L Catterton shopping the company around. The event reflects a broader pattern affecting ethical consumer brands that emerged in the 2010s, including Allbirds, which shifted away from its environmental mission, and Beautycounter, which shut down after a troubled acquisition. These brands rose during a period of millennial optimism about progress through business, government, and consumer action, but later faced policy rollbacks and investor pressure. The failures may discourage future founders and investors from pursuing business as a force for good.

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