Everlane is reportedly selling to Shein. The era of millennial optimism is officially over

Everlane—once an icon of ethical fashion—is reportedly being sold for $100 million to Shein, arguably the least ethical fashion brand on the market. Everlane had been on shaky financial ground for years, and majority owner L Catterton began shopping it around in March. But few expected it to sell to a Chinese retailer credibly accused of forced labor and labeled by Yale researchers as “the biggest polluter in fast fashion.” It’s the latest blow to a wave of ethical consumer brands that sprung up in the 2010s to court millennials. Last month, Allbirds—the sustainable sneaker startup—sold off its footwear assets, abandoned its environmental mission, and pivoted to artificial intelligence. Two years ago, Beautycounter—built on ridding harmful ingredients from personal care products—shuttered without warning after its troubled acquisition by the Carlyle Group. (Founder Gregg Renfrew bought back the brand and has since relaunched as Counter.) These brands were born during the Obama years, when millennials were brimming with hope and convinced that progress was coming. Climate change felt like a problem that business, government, and consumers could solve together. Workers’ rights, transparent supply chains, and cleaner materials appeared to be going mainstream. Now the reckoning has arrived in the middle of a second Trump administration that’s actively dismantling climate policy and DEI initiatives. For millennials, the death of these brands feels like a collapse of a belief system. These companies failed for many reasons. They stopped innovating, buckled under investor pressure, and landed with private equity firms looking to cut their losses. But for millennials who grew up with them, it’s deflating to watch an era of idealistic brands end in such humiliation. The bigger worry is that it could discourage the next generation of founders and investors from seeing business as a force for good. The Mission Was Real Everlane is selling ou