E-commerce company Quince has raised 500 million dollars in a Series E funding round, achieving a valuation of 10.1 billion dollars. Reports Techcrunch.com.
The investment was led by Iconiq, the same firm that backed the company's previous round less than a year ago at a 4.5 billion dollar valuation. This represents more than a doubling of the company's worth in under 12 months.
Quince first gained attention through its affordable cashmere sweaters promoted on Instagram. The company now offers a broad selection of products including clothing, home goods, accessories, beauty items, and wellness products. Unlike traditional retailers, Quince designs and manufactures its own items and sells them directly to customers.
Launched out of beta in 2020, the company describes its approach as manufacturer-to-consumer. By controlling its technology, designs, and production, Quince can better forecast demand and produce smaller batches with reduced waste. The firm and its backers claim this model allows for higher quality goods at lower prices compared to fast fashion.
However, Quince has faced legal challenges with several brands accusing it of copying designs. Lawsuits from companies including Tapestry, the parent of Coach, and Williams Sonoma have been reported, though Quince won one case against Deckers regarding footwear.
Despite any negative publicity, customer interest remains strong. The company reports annual revenue now exceeds 1 billion dollars. In January it also began operations in Canada.
Other investors in the latest round include Basis Set Ventures, Wellington Management, WndrCo, and Baillie Gifford among others.
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