Most fashion people spend the month of May dissecting the Met Gala and the Cannes Film Festival, or perfecting a summer-destination packing list. But on May 17, style group chats turned into amateur M&A forums with the Puck News report that Chinese fast-fashion giant Shein is acquiring direct-to-consumer brand Everlane.
Line Sheet's Lauren Sherman first reported that Everlane's current owner, private equity firm L Catterton, had approved a sale to Shein, valuing the brand at $100 million. Alfred Chang, its current CEO, had apparently been contemplating the sale for some time to resolve around $90 million in debt—which accrued as more brands encroached on Everlane's "Basics, but better" turf and sales took a tumble.
