Shein has agreed to purchase US apparel retailer Everlane from its majority owner L Catterton, according to media reports over the weekend.
The deal is understood to have been signed off on May 16 and is expected to value the fashion label at about $100m, a person with knowledge of the matter told Puck and The Information.
According to a note sent to shareholders on May 17, holders of common stock will not receive a payout.
It is unclear whether the deal will be paid in cash or if shareholders will receive shares in Shein, the reports said.
The news comes as Shein has sought to improve its industry credentials in the last couple of years.
It started offering other fashion brands access to its apparel manufacturing network in China as a service last year under its Shein Xcelerator programme.
Last month, the ecommerce giant announced it had partnered with THG Fulfil to launch a suite of enhanced services for UK sellers on its marketplace.
The online platform now offers a âdirect integrationâ of its marketplace, meaning orders can âflow straight from the Shein marketplace in THG Fulfilâs advanced network, creating a frictionless, end-to-end process for sellersâ.
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