Chinese e-commerce giant Shein is acquiring US clothing retailer Everlane from controlling shareholder L Catterton, according to press reports.
The deal values the San Francisco-based company at about $100 million, a steep discount from the valuations it commanded at the height of the e-commerce boom, they said. Puck e The Information. The company’s board approved the deal on Saturday Chinese time, according to Puckciting a person with knowledge of the matter.
Common stock holders will not receive any payments, according to a note sent to shareholders Sunday morning, the company said. Puck. It is not yet clear whether there will be an exchange of money or whether preferred shareholders will receive cash or Shein shares, according to the publication.
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Shein did not immediately respond to a request for comment from Bloomberg on Monday. Everlane and L Catterton also did not respond to requests for after-hours placement.
The deal comes just weeks after Allbirds — another retail startup that was once a rising star — announced a new business plan days before it was set to close down. Companies that thrived during the online shopping boom have struggled to sustain growth as consumer demand has cooled.
Everlane had been trying to recover amid rising debt, according to the The Information. The brand, known for its minimalist and “quiet luxury” style, is a favorite of celebrities such as Meghan Markle.
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Shein, meanwhile, last year began offering other fashion brands access to its clothing manufacturing network in China as a service, the company said. Bloomberg in September. The company had been seeking new sources of revenue as U.S. tariffs increased pressure on its core business.
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