Quince reaches $10B valuation after $500M funding round led by Iconiq

At a time when huge valuations are mostly associated with early-stage AI startups, there is now a notable exception in e-commerce. Quince said on Wednesday that it has raised a $500 million Series E round at a $10.1 billion valuation.

The funding round was led by existing investor Iconiq, which had also led Quince's $200 million Series D in early 2025 at a reported valuation of $4.5 billion. That means the company's valuation has more than doubled in less than a year.

Quince first gained widespread attention on Instagram with its $50 cashmere sweater. Still, the company has since expanded into a much broader catalogue that includes apparel, home goods, accessories, beauty, and wellness products. Unlike many traditional e-commerce retail platforms, Quince both manufactures and sells its products directly to consumers.

The company, which officially launched out of beta in 2020, describes its approach as a "manufacturer-to-consumer" model. According to a blog post from Iconiq, Quince owns most of its own technology stack and maintains control over both design and manufacturing, which allows it to forecast sales more precisely. That in turn supports smaller production batches and reduces waste.

Quince and its investors say that, unlike fast-fashion businesses, the company can offer higher-quality products while keeping prices low.

The company, however, has not avoided controversy. It has been hit with several lawsuits from brands accusing Quince of selling dupes of their designs. Coach's parent company, Tapestry, has filed suit, and so has Williams-Sonoma, according to Puck. Deckers also brought a lawsuit related to footwear designs, though a court ultimately ruled in Quince's favour.

If those disputes have contributed to what Puck described as a copycat reputation, customers do not appear to be deterred. Quince says its top-line revenue has now moved past $1 billion. The company also expanded into Canada in January.

Other investors participating in the round include Basis Set Ventures, Wellington Management, WndrCo, MarcyPen Capital Partners, Baillie Gifford, Notable Capital, and DST Global.