(Bloomberg) — Chinese e-commerce giant Shein is acquiring US apparel retailer Everlane from majority owner L Catterton, according to media reports.
The transaction values the San Francisco-based company at about $100 million, a steep discount to the valuations it commanded during the height of the e-commerce boom, Puck and The Information reported. The company’s board signed off on the deal Saturday, Puck said, citing a person with knowledge of the matter.
Holders of common stock won’t receive a payout, according to a note sent to shareholders on Sunday morning, Puck said. It remains unclear whether any cash will change hands or whether preferred shareholders will receive cash or shares in Shein, the outlet said.
Shein didn’t immediately respond to a request for comment from Bloomberg on Monday. Everlane and L Catterton didn’t immediately respond to requests for comment outside of normal business hours.
The deal comes weeks after Allbirds — another once high-flying retail startup — unveiled a new business plan just days before it was set to shut down. Companies that thrived during the online shopping boom have since struggled to sustain growth as consumer demand cooled.
Everlane had tried to stage a comeback amid mounting debt, according to The Information. The brand, known for its minimalistic, “quiet luxury” style, is a favorite of celebrities including Meghan Markle.
Shein, meanwhile, last year started offering other fashion brands access to its apparel manufacturing network in China as a service, Bloomberg reported in September. The company had been seeking new revenue streams as US tariffs increased pressure on its core business.
–With assistance from Daniela Wei.
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