Quince Surpasses $2 Billion in Sales
San Francisco-based direct-to-consumer luxury brand Quince has surpassed $2 billion in sales over the past year, marking significant growth since its founding in 2018. The company previously projected revenues of over $1 billion for 2025 and reported triple-digit annual revenue increases throughout that period. Quince recently closed a $500 million Series E funding round led by Iconiq Capital, valuing the firm at $10.1 billion. Additional investors included Baillie Gifford, DST Global, MarcyPen Capital Partners, and others. The company has expanded from its initial offering of cashmere sweaters to over 100 product categories using an AI-driven model that predicts demand and scales production accordingly. Growth is attributed to returning customers, new products, and expansion into home goods and scrubs attracting first-time buyers. Quince's chief merchandising officer emphasized the company’s focus on customer trust through continuous product improvement rather than pricing as a primary growth driver.