Quince, a direct-to-consumer brand marketing premium goods at lower prices, on Wednesday announced a $500 million Series E financing round.
Last year, Quince snapped up over $290 million in Series D funding and later added wine to its offer. Known for its affordable cashmere sweaters, the brand touts a “manufacturer-to-consumer” approach to its sales of apparel, jewelry, home decor, luggage, beauty, food and wellness products.
The latest financing is led by investment firm Iconiq, with Basis Set Ventures, Wellington Management, Wndrco, Marcy Venture Partners, Ballie Gifford, Notable Capital and DST Global also taking part. The funds push Quince’s valuation to $10.1 billion and will go toward “continued growth and global expansion of Quince's proprietary Manufacturer-to-Consumer (M2C) operating system,” the company said.
The brand, which last year successfully fought trademark infringement accusations, said it has enjoyed triple-digital growth annually since its founding, with last year’s revenue topping $1 billion. In January, Quince announced a tie-up with A$AP Rocky and its expansion into Canada.
In a statement Wednesday, Iconiq General Partner Yoonkee Sull described Quince’s approach as a “hyperefficient infrastructure that enables it to deliver unmatched value to consumers at scale” and that corrects “structural inefficiencies that have long defined retail economics.”
