The acquisition ends Everlane’s financial struggles, including $90m in liabilities, while preserving its brand and sustainability commitments.
Chinese fast-fashion group Shein has agreed to acquire US clothing retailer Everlane for approximately $100m. The deal, disclosed by Everlane CEO Alfred Chang, aims to stabilize the company’s finances and support growth without altering its brand identity or sustainability practices.
Everlane, founded in 2011, had accumulated $90m in liabilities, including a $25m loan and a $65m credit facility. The company faced mounting pressure in a competitive retail environment, prompting leadership changes, including the departure of co-founder Michael Preysman in 2022.
Under the agreement, Everlane will operate as a standalone brand, with its current leadership team remaining in place. The deal provides resources for product development and innovation while maintaining the company’s ethical sourcing and transparency standards.