The Shein shop-in-shop in Paris. Credits: Photo by STEPHANE OUZOUNOFF / HANS LUCAS / HANS LUCAS VIA AFP Speculation over Shein's reported acquisition of a majority stake in American clothing brand Everlane has seemingly been confirmed. According to an internal email seen by Vogue Business from Everlane to its employees, it appears the deal is going ahead, corroborating reports of the acquisition that began circulating earlier this month. Shein is buying the stake from LVMH-backed venture capitalist L Catterton for an undisclosed sum. The transaction is still pending regulatory approval. The sale follows an intensive period of due diligence behind the scenes. American investment firm L Catterton had been searching for an investor since March to clear a debt burden of approximately 90 million dollars that Everlane had accumulated. This debt included a 25 million dollar loan from investment firm Gordon Brothers and a 65 million dollar asset-backed revolving credit facility. Independent course and operational shifts Everlane employees were officially informed of the acquisition on Friday morning, according to Vogue Business. In a message to staff, Everlane chief executive officer Alfred Chang addressed the moral conflict that the change in ownership might cause among employees. Chang emphasised that the company will maintain its own identity and values under Shein's ownership. “I want to be clear: Everlane will remain Everlane. I will continue as CEO, our management team will stay in place, and we will continue to operate independently, maintaining our design standards, brand philosophy, and values,” said Chang. According to…
