Quince reaches $10 billion valuation with $500 million mega round led by Iconiq

In a sea of ​​massive valuations for early-stage AI startups, today we have some rare news: a massive round and valuation increase for an e-commerce company. quince Announce On Wednesday it raised a $500 million Series E round at a $10.1 billion valuation.

The round was led by previous investor Iconiq, who also led Quince’s $200 million Series D in early 2025 in A reported valuation of $4.5 billion. This more than doubled the valuation in less than a year.

Quince rose to fame Instagram with a $50 cashmere sweaterbut has since brought together a wide range of product offerings, including apparel, home, accessories, and beauty and wellness. Unlike traditional e-commerce retail sites, the company manufactures its products and sells them directly to consumers.

quince, Which was launched from beta in 2020calls its business model “manufacturer to consumer.” Because it owns most of its technology stack and controls its designs and manufacturing, Quince can forecast its sales more accurately, according to Blog post By ICONIC. This allows smaller batches to be manufactured with less waste.

Quince and its investors argue that, unlike fast fashion, Quince can produce high-quality products at low costs.

That’s not to say the company has been without controversy. It has faced numerous lawsuits from brands alleging that Quince sells knockoffs of its designs. Tapestry parent coach suesas is the case with Williams Sonoma, Bock reported. Deckers also sued over the shoe designs, however The court ruled in favor of Quince.

If such altercations have given Quince a reputation for imitation, as Bock describes, then the site’s clients are clearly not progressive. The company says its total revenue has now exceeded $1 billion. And in January too Expanded to Canada.

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