Quince raises $500M as valuation exceeds $10 billion

Direct-to-consumer fashion and premium goods brand Quince on Wednesday announced it has raised $500 million in a series E financing round. The investment puts the company’s valuation over $10 billion and will help with its global expansion. Quince has set itself apart from fast-fashion brands by investing in high-quality fabrics and goods, and highlighting sustainability as part of its brand. Quince sells everything from clothing to luggage to beauty products to jewelry, and uses a manufacturer-to-consumer model that relies on AI systems to predict orders based on small-batch testing. Prices tend to be as much as 80% lower than traditional retail, and inventory can be ready in as little as two weeks, compared to six months for most retail.