Shein buys US-based apparel retailer Everlane, Puck News reports

May 17 (Reuters) - Online ‌fast-fashion platform ​Shein ​is acquiring Everlane from majority owner L Catterton in a deal ‌valuing the U.S.-based apparel retailer at about $100 ⁠million, Puck News reported on Sunday, citing people ‌familiar with the matter.

Those ‌with common stock in Everlane will not receive a payout, the report said. There ​was no information on whether preferred shareholders would receive cash or shares ⁠in Shein as part of the deal.

Reuters could not immediately ​verify the report. Everlane, Shein and L Catterton did not immediately respond to ​Reuters' requests for comment.

Brands ‌like Shein and Temu have disrupted the local retail landscape through ⁠aggressive pricing, strategic marketing, and using tax loopholes that initially gave them a competitive edge ⁠over local retailers.

Puck News reported in March that private ​equity firm L Catterton and Everlane Chief Executive Alfred Chang had been seeking an investor to address ‌roughly $90 million in debt.

The private equity firm was willing to inject ‌additional funds if a co-investor emerged, but ⁠was also open ‌to a sale, ​according to the report.

(Reporting by Preetika Parashuraman in Bengaluru; Editing by Subhranshu ‌Sahu)

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