Online retailer Quince has raised $500 million in funding, valuing the company at $10.1 billion, the company said.
Founded in 2018 and based in San Francisco, Quince operates an online retail platform that sells apparel, accessories and home goods directly to consumers. The company focuses on what it describes as “affordable luxury” products, including cashmere clothing, silk apparel, leather goods, luggage, bedding and furniture.
How Quince will use $500 million in funding
Quince’s operating model connects manufacturers directly with consumers through its ecommerce platform, bypassing traditional wholesale and retail intermediaries. The company works directly with factories and suppliers and manages product design, sourcing and logistics to reduce distribution layers and inventory costs that typically add to retail pricing.
The retailer sells primarily to U.S. consumers through its direct-to-consumer website and mobile channels. Products are manufactured through a network of global suppliers, including factories in Asia and Europe, and shipped directly to customers.
It said it has surpassed $1 billion in annual revenue and has experienced rapid growth as it expanded its assortment beyond apparel into categories such as home furnishings, travel goods and jewelry.
Quince said the $500 million in funding will support continued expansion of its product assortment, development of its supply chain and technology platform, and international growth.
The latest financing more than doubles Quince’s valuation from its previous funding round in 2025, when the company was valued at about $4.5 billion.
Iconiq Capital led the funding round, which included participation from:
- Wellington Management
- DST Global
- Marcy Venture Partners
- Baillie Gifford
- Notable Capital
- Basis Set Ventures
- WndrCo
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