Quince, an affordable luxury brand online retailer, has raised $200 million at a valuation of more than $4.5 billion, according to a report from Bloomberg.
Impressively, the deal comes just six months after San Francisco-based Quince announced it had raised $120 million in a Series C round of funding. Quince’s new valuation is more than double what it was earlier this year, sources told Bloomberg.
Iconiq Capital reportedly led Quince’s latest financing.
Founded in 2018, Quince started out selling clothes, touting a sustainable model and shipping directly from factories. Over time, it expanded its offerings and now sells luggage, furniture and home goods as well.
The direct-to-consumer darling has seen its popularity surge in recent years, thanks in part to going viral on Instagram and TikTok. The company’s stylish and relatively affordable clothing in particular has fans among Gen Z and millennial shoppers. For example, it markets cashmere sweaters for $50 — a significantly lower price point than other retailers such as J. Crew.
While some direct-to-consumer space players have struggled as of late, Quince is a bright spot in the industry with Bloomberg reporting that “investors were impressed by the company’s fast-growing revenue.”
Per Crunchbase data, with this deal, Quince has raised a total of $461.5 million. Other backers include Insight Partners, Wellington Management, Founders Fund, 8VC 1 and FJ Labs.
Quince’s latest round alone matches the $200 million in venture funding that fashion and apparel startups overall have raised so far this year, per Crunchbase data. Last year, startups in the space raised just $131.6 million in funding, a sharp decline from the $2.1 billion that went to such companies in the peak year of 2023.
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