No one saw this one coming.
One of the most unlikely collaborations in fashion this season isn’t a limited designer capsule or celebrity campaign; it’s fast fashion giant Shein reportedly acquiring Everlane, an apparel brand once known for its ethical fashion, for $100 million.
The deal, which was approved on Saturday, according to Puck, is an ironic recalibration for a brand built on “radical transparency” and sustainability for conscious consumers.
For more than a decade, Everlane has built a brand known for elevated basics, grounded in ethical fashion, championing environmentally sensitive production and responsibly sourced materials, to eradicate its carbon footprint.
Shein, conversely, has unapologetically become a leader in the fast-fashion world.
A retail giant criticized for overproduction, alleged labor abuses, environmental concerns, and fueling the disposable culture of trend fashion, which earned $2 billion in profits last year, according to Business of Fashion.
This contradiction has left the fashion industry and consumers stunned, with fashion media calling the acquisition both “surprising” and “unique,” but “humiliating” and marking the end of the millennial optimism era.
Online, shoppers were equally as stunned, asking if it was a joke.
“Someone please tell me this is a joke. I truly understand the desire for money but do people have no pride in what they have created?!?!,” a Reddit user wrote, with many comparing the pipeline to Quince and TEMU.
But for Everlane, the sale represented a shift in the retail landscape and an opportunity to clear $90 million in debt that majority owner L Catterton, a private equity firm, had been seeking since March. The firm was reportedly interested in maintaining its share if another investor could join to offset costs, but ultimately offloaded the brand entirely.
According to reports, Everlane, founded by Michael Preysman, struggled to find its footing after a strong start in the 2010s, following the pandemic.
Despite having built a loyal following on its transparency and minimalist aesthetic, mounting costs and a competitive online market, combined with the early departure of Preysman and his marketing lead, Alexandra Spunt, the brand was unable to sustain itself.
When L Catterton took over, the firm tried to reposition the brand to compete with Theory and Frankie Shop, but their vision never came to fruition.
For Shein, the acquisition may be an opportunity to greenwash its image. But the sale falls in line with other sustainably driven brands disintegrating. In April, shoe brand Allbirds ditched its environmental mission and sold a portion of the company to AI, a known driver of pollution.
Still, the acquisition marks a blurring of the divide between ethical and fast fashion. In an industry driven by scale and survival, even brands built with the purest intentions of sustainability are acquiescing to the system they once challenged.
Read the full article here
