Quince, a luxury consumer brand, raised $200 million in a new funding round led by Iconiq Capital, according to reporting by the Fashion Network. The company strives to make luxury items affordable by retailing clothing and home goods to consumers at much lower prices than competitors.
The company offers clothing products made from materials like cashmere, leather and silk sourced directly from factories that produce for well-known luxury brands. The company also offers products like luggage sets and popular gift items such as candles, jewelry and perfumes. Its goal is to provide consumers with high-quality essentials at an accessible price point.
The raise follows the $120 million Series C funding round Quince raised early in 2024 and brings the company’s valuation to $4.5 billion, reportedly double its previous valuation. The funding comes at a slow time for direct-to-consumer investing due to lessened consumer spend and increased social media advertising costs, according to the Fashion Network article, but Quince’s revenue continues to grow.
