Quince secures 120 million US dollars in funding

US-based fashion brand Quince, known for its manufacturing-to-consumer (M2C) retail model offering high-quality, affordable fashion and home essentials, has secured 120 million US dollars in a Series C funding round.

The investment round was co-led by Notable Capital and Wellington Management, with participation from DST Global, Basis Set Ventures and 8VC.

On LinkedIn, Quince said it will use the capital to continue to scale its mission further, offering high-quality essentials accessible to everyone “at radically fair prices”.

Hans Tung, managing partner at Notable Capital and board member at Quince, shared on LinkedIn: “By working exclusively with the best suppliers globally, the Quince team (and it is becoming an industry-best team beyond the founders) built a supply chain that consistently delivers unmatched quality at unbeatable prices. A 50 US dollar cashmere sweater (vs 150 US dollars in retail) that customers rave about? That’s not just marketing—it’s about execution. You can wash their sweater over ten times, and it will still keep its shape. And Quince is only getting started, expanding their product categories and striving to deliver exactly what their customers desire time and time again.

“Inflation has hit everyone hard, but Quince proves you don’t have to choose between quality and affordability. They’re making the finer things in life more accessible in a way we haven’t seen before. To paraphrase the team, the target customers have champagne tastes, and we want to delight them with great selections and high quality on a beer budget.”

Quince’s M2C approach is centred around quality, sustainability and affordability, as well as transparency. It believes that quality shouldn’t be a luxury and by using a factory-direct model it can keep prices low by avoiding traditional supply chain expenses, including sourcing agents, warehousing, wholesaling, distribution and storefront retail.