Shein acquired Everlane for $100m (vs. peak valuation of $550m).
The Chinese fast fashion platform can use Everlane’s 11 stores in US to avoid tariffs.
Reports say clothes from this 767,000 sqft warehouse will come first. Based in Shanghai, it has total inventory value of $89.
Critics call the reported sale of Everlane to Shein hypocrisy. Others say matching fast fashion’s speed and volume is the only way forward for sustainability.
The ultra-fast fashion giant will buy the majority stake in Everlane from LVMH-backed private equity firm L Catterton for an undisclosed amount, pending regulatory approval. Everlane employees were officially informed this morning.