Quince surpasses $2B in sales, driven by AI model and category expansion

By: Kathryn Hopkins Read time: 2 min

Quince is growing fast.

The San Francisco-based company has surpassed $2 billion in sales over the last 12 months, WWD has learned.

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Previously, Quince reported revenues of over $1 billion for 2025, logging triple-digit growth annually since its founding in 2018.

This milestone follows the factory-direct luxury essentials player closing a $500 million Series E funding round in March, which valued the company at $10.1 billion. The round was led by Iconiq, with participation from Baillie Gifford, Basis Set Ventures, DST Global, MarcyPen Capital Partners, Notable Capital, Wellington Management, and WndrCo.

Launched in 2019 with $50 cashmere sweaters, Quince has since expanded to more than 100 categories, including apparel, home, jewelry, travel, furniture, and gourmet food.

The company operates an AI-powered business model that predicts weekly demand at both size and stock-keeping-unit levels. Through partnerships with manufacturers, it places and launches smaller-quantity orders, scaling them based on consumer demand.

Growth is understood to be driven by returning customers, a rising share of revenue from newly launched products, and newer categories such as home and scrubs, which are attracting first-time buyers.

"Cashmere was the first product we launched in 2019: a $50 sweater that still costs $50 today, even after seven iterations driven by customer feedback. The price is proof that the model works, not the point. The point is earning customer trust by relentlessly improving the product until we get it right, then applying that same discipline across categories, from cashmere to couches to caviar. Revenue is an outcome of that trust," Matt Lippert, chief merchandising officer, told WWD on Wednesday.

"People often ask how we've expanded into so many categories," he said. "The answer isn't that we built 100 different businesses. We built one system for understanding what customers value, relentlessly improving products and earning customer trust one product at a time. Every product either strengthens that trust or weakens it, so our job is to keep earning it every single day."

When asked in March whether the funding round could precede an initial public offering, Lippert declined to comment.

The IPO market is heating up again after a quiet period, with Elon Musk's SpaceX IPO reigniting activity.

In fashion, Reformation filed to go public in June, testing the market for apparel. Earlier this month, Tailored Brands Inc. — parent company of Men's Wearhouse, Jos. A. Bank, Moores, and K&G — also filed its registration statement to go public again on Friday.

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