He sold millennials the dream of ethical and affordable luxury. Shein will buy it

Shein announced the purchase of Everlane, an American brand that has become a symbol of conscious consumption among millennials, known for its commitment to sustainability, price transparency and “affordable luxury”. The era of millennial optimism is officially over, says Fast Company.

The Chinese ultra-fast fashion giant is preparing to buy , a brand that has already introduced millennial consumers to a vision of fashion based on «ethical factories» e radical transparency about the way their pieces were produced and their prices were set.

“This is the beginning of a broader chapter for Everlane and the team that brings it to life,” said CEO Alfred Chang in a statement shared with .

The CEO of Everlane did not reveal the value of the business, but added that Everlane would remain “a independent brandtrue to our consolidated brand values, sustainability commitments and exceptional quality».

The acquisition of California-based Everlane gives Shein a more solid position in the North American market and access to an online retail model more premium.

Shein was founded in China, but turned into a global giant and fast-fashionalways aware of the TikTok’s latest micro-trendswith dresses under 15 euros and jewelry under 5 euros.

The Chinese giant dropped plans to become a listed company on the stock market, both in the United States and in Europe, after having faced numerous and close attention of legislators on both continents, especially with regard to their .

For Everlane, the deal appears to represent a lifeline. Chang promised a «new era with greater global reachnew capabilities and greater opportunities».

But Everlane fans expressed their grief on social mediawith publications on accuse the brand of selling out and betraying them. According to says, the era of millennial optimism is officially over.

Once used by public figures in the fashion world as Meghan Markle e Angelina JolieEverlane focuses on minimalist basics and natural fabrics in the «affordable luxury», such as tailored shorts for 120 dollars (around 100 euros) and linen tops for 80 dollars (70 euros).

The company asserted itself in the 2010s, in the wave of direct-to-consumer brands that were in vogue at the time, and won over consumers with sustainability and transparency speeches.

Although little publicized in Portugal, its online store has prices in euros and sells its products in our country.

As Everlane’s finances have deteriorated in recent years. With the weight of debt putting pressure on the brand, majority shareholder, venture capital firm L Catterton, decided to sell.

“Everlane was built around a brand based on sustainability and the idea of ​​having less, but better stuff — and Shein often seems like the opposite,” he says Katie Thomaswho runs the Kearney Consumer Institute, a consultancy that works with major retailers and brands.

“The biggest challenge with any value-based product is that the price has to be the suitable for the right consumer», says Thomas. “And Everlane, I think, was simply exposed to a category that became very competitive.”

Recently, brands like Aritzia, the Reformation and even the Gap are betting on “affordable luxury”, just like Everlane’s other rival, Quince, which is attracting consumers with substantially lower prices.

One of the big questions now, says Thomas, is whether the association with a fast fashion icon will drive away Everlane’s current clienteleor whether it will persuade Shein buyers to level up.