Quince has a fresh infusion of cash.
The factory-direct luxury essentials player — which has offerings across apparel, accessories, home and beauty — closed on a $500 million series E funding round, valuing the company at $10.1 billion. The round was led by Iconiq and also saw participation from Baillie Gifford, Basis Set Ventures, DST Global, Marcy Venture Partners, Notable Capital, Wellington Management and WndrCo.
The San Francisco-based company said the new money would “support the continued growth and global expansion of Quince’s proprietary manufacturer-to-consumer operating system.”
Revenue surpassed $1 billion in 2025, and the company said it has had triple-digit growth annually since its founding in 2018.
Of course, promises of luxe looks at lower prices is nothing new in fashion, but Quince comes to the proposition from a very modern direction, using technology to help power a shorter supply chain and build what has quickly become a very large business.
The company uses an AI-powered business model, which predicts weekly demand at both size and stock keeping unit levels. Then, through partnerships with manufacturers, it places and launches lower-quantity orders and scales them based on consumer demand.
“By narrowing the distance between maker and customer, the company reduces excess inventory, shortens supply chains, and removes the financial and environmental inefficiencies historically built into retail pricing,” according to Quince.
The valuation puts Quince into rarefied territory — call it the 11-digit club.
But Matt Lippert, Quince’s chief commercial officer, isn’t focused on all those zeros.
“It’s less about the number and less about the actual valuation of the company, but this is more of a reinforcement that our hypothesis continues to be true — quality doesn’t actually have to be expensive,” Lippert said.
He credits the company’s growth over the past eight years to “getting really deep in who our consumer is, what they like, what they don’t like, getting really deep in curating our assortment, getting really deep in picking our factory partners, and getting really deep in ensuring that there’s no waste in the production or waste in the inventory, getting really deep and ensuring the execution of quality is there, getting really deep in the feedback we’re getting from the consumers, and getting really deep in feeding that back to the beginning.”
Lippert sees a few avenues for expansion, in new categories as well as key international markets. He declined to comment on sales expectations but did say: “We like to swing big. We just launched in Canada and we’ve seen great reception there. There’s a ton of potential in Europe, both U.K. and continental Europe. There’s an appreciation for high-quality materials and for craft. I hope Quince will be well received there.”
Apparel is one of the company’s key categories for customer acquisition. “People are probably buying a lot more T-shirts every year than couches,” Lippert said. “It’s a great way to build trust and then reinforce that trust as they try different things.”
In apparel, Quince recently introduced denim, which is off to a strong start. “We launched a bunch of different bedding fabrications, we just launched a brand new cotton bedding. Consumers have been really excited about the quality of what we’ve launched in kitchen,” he said, nodding to the company’s caviar options. “It was kind of shocking to me how popular that has been.” Wellness is also of interest.
“It’s 100 percent about the system,” Lippert said. “I think consumers would be delighted with the amount of data, the amount of care, rigor and discipline that goes into bringing that system to life. On the surface, it’s not rocket science. But digging into it is really hard.”
That was among the key attractors for investors.
“Quince has built a hyperefficient infrastructure that enables it to deliver unmatched value to consumers at scale and, in turn, has built a brand people love,” said Yoonkee Sull, general partner at Iconiq. “By redesigning how premium products are manufactured and delivered, compressing traditional retail cycle times and reducing waste, and building a deep understanding of what customers want in real time, the company is correcting structural inefficiencies that have long defined retail economics. We are excited to triple down in Quince following a year of strong execution by the team and believe the platform is positioned for durable, long-term growth.”
As to whether or not the raise could precede an initial public offering, Lippert declined to comment.
It’s an interesting time for Quince, which hit back at a Deckers Outdoor Corp. lawsuit with an antitrust allegation. The two have been in court before, with Deckers’ 2023 trade dress lawsuit that alleged some of Quince offerings in footwear infringed on Ugg’s trade dress.
This year, Quince said Deckers is using “template” lawsuits to “overextend the protection of trade dress,” as reported. The company added that such filings occurred during peak sales periods.
“Consumers are paying the price,” said Joel Dion, head of legal at Quince, in a statement. “What we uncovered in our own litigation wth Deckers is a pattern that goes far beyond us.”
In an amended class action complaint filed Thursday in the U.S. district court for California’s Northern district, consumers alleged that Quince used “deceptive marketing and pricing practices,” including “strikethrough ‘traditional retail’ prices paired with bold claims of consumer ‘savings,’ creating the misimpression that its products were previously sold at the stated higher price — either by Quince or another retailer. These representations are designed to make consumers believe they are receiving an exceptional bargain when they purchase the products from Quince. But these representations are false,” the complaint said. Quince declined to comment on the suit.
#Quince #Hits #Billion #Valuation #Million #Series