India, May 22 -- Shein, the Chinese ultra-fast-fashion giant, has struck a deal to take a majority stake in Everlane, which is a significant change for a brand known for its commitment to ethical production and "radical transparency."
This acquisition, which still requires regulatory approval, will see Shein buy Everlane from L Catterton, a private equity firm that has been exploring ways to address about $90 million in debt the California-based retailer has accrued.
Alfred Chang, Everlane's CEO, mentioned that this partnership would help the company grow internationally while still being able to operate on its own and uphold its standards for sustainability, product quality, and brand values.
However, this move has faced criticism from ...