Everlane, the formerly high-flying Millennial direct-to-consumer basics brand, is being sold to Shein by its majority owner, L Catterton, I’ve learned. The deal, which values the company at $100 million, was approved by the board on Saturday, according to a person with direct knowledge. Those with common stock will not receive a payout, according to a note sent to shareholders on Sunday morning. (There was no information on whether any cash was being exchanged, or whether preferred shareholders would receive cash or shares in Shein.) Everlane and L Catterton did not immediately respond to a request for comment.

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