Everlane Acquired by L Catterton, CEO Confirms
En resumen
- Everlane, the ethical fashion retailer founded in 2011, has been acquired by L Catterton, a private equity firm.
- CEO Alfred Chang confirmed the deal in a letter to employees on Friday.
- The purchase price was not disclosed, and Shein declined to comment.
Resumen generado por IA
Por qué importa
Everlane, founded in 2011 with a mission for eco-friendly and affordable clothing, has faced controversies regarding worker treatment in recent years. L Catterton became its majority owner in September 2020.
A letter to Everlane employees from CEO Alfred Chang confirming the deal was obtained by Associated Press on Friday.
Everlane did not disclose a purchase price. Shein declined to comment.
Everlane was founded in 2011 by Michael Preysman and Jesse Farmer with a mission to produce eco-friendly and affordable clothing. The company publicised regular audits of its pay and working conditions, as well as the brand’s environmental impact. The online retailer opened its first physical store in 2017.
But the company in recent years has been embroiled in controversies surrounding treatment of its workers, according to media reports.
L Catterton began acquiring significant stakes in Everlane in September 2020. becoming its majority owner. It also owns a significant stake in brands Boll & Branch, Etro and Birkenstock.
Preguntas abiertas
- What was the purchase price of Everlane?
- What are the specific plans of L Catterton for Everlane?
- How will the acquisition affect Everlane's mission and operations?
