Chinese fast-fashion juggernaut Shein to buy eco-friendly Everlane in an unlikely fit
NEW YORK (AP) — Everlane, which bucked the fast-fashion industry by promising affordable ethically sourced and sustainable clothing, is being acquired by the king of fast-fashion Shein, founded in China. Everlane has signed an agreement to be acquired by Shein, according to a letter written by the brand’s CEO Alfred Chang  sent to employees and obtained by The Associated Press on Friday. Everlane’s majority owner had been L Chatteron, which also owns a significant stake in Boll & Branch, Etro and Birkenstock, Everlane didn’t disclose a purchase price. Shein declined to comment, The takeover bid arrives at a time when Everlane is struggling. Sales are down and debt has mounted
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