Chinese fast-fashion company Shein to buy eco-friendly retailer Everlane

Key points

• Everlane, the retailer that bucked the fast-fashion industry by promising affordable ethically sourced and sustainable clothing, is being acquired by the king of fast fashion, China’s Shein.
• A letter to Everlane employees from CEO Alfred Chang confirming the deal was obtained by the Associated Press on Friday.
• Everlane didn’t 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 publicized regular audits of its pay and working conditions, as well as the brand’s environmental impact.