Amid all the huge valuations for early-stage AI startups, today we have some unusual news. It’s a blockbuster round and a step up in valuation for an e-commerce company. Quince announced Wednesday that it has raised $500 million in a Series E round at a valuation of $10.1 billion.
The round was led by previous investor Iconiq, which led Quince’s $200 million Series D in early 2025, at a reported valuation of $4.5 billion. This means that the company’s valuation has more than doubled in less than a year.
Quince rose to Instagram fame with its $50 cashmere sweaters, but has since expanded to offer a broader range of products, including apparel, home, accessories, beauty and wellness. Unlike typical e-commerce retail sites, the company manufactures products and sells them directly to consumers.
Quince, which launched from beta in 2020, calls its business model “manufacturer-to-consumer.” According to Iconiq’s blog post, Quince owns most of its technology stack and controls design and manufacturing, which allows it to more accurately predict sales. This allows for small batch production with less waste.
Quince and its investors claim that, unlike fast fashion, Quince can produce high-quality products at low costs.
The company has not been without controversy. The company is facing multiple lawsuits from brands that claim Quince is selling counterfeit designs. Pack said Coach’s parent company, Tapestry, is also suing Williams-Sonoma. Deckers also sued over the shoe’s design, but the court ruled in Quince’s favor.
If such scuffles have given Quince a reputation as a copycat, as Pack explains, the site’s customers are clearly unphased. The company says its peak revenue currently exceeds $1 billion. It also expanded to Canada in January.
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Other participating investors include Basis Set Ventures, Wellington Management, WndrCo, MarcyPen Capital Partners, Bally Gifford, Notable Capital, and DST Global.
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