Can Someone Explain the Appeal of Quince?
At a new $10B evaluation & $2B in revenue, I just don’t get it
I Just Can’t Fall in Love with Quince
At this point it’s impossible to not know Quince. And if you don’t know Quince, you’re probably not reading this. The “affordable” “luxury” brand made news this week after its latest investment round increased the company’s valuation to $10.1 billion — doubling in size in less than 1 year.
As a former business reporter, the numbers read more like an AI startup than a brand that manages the manufacturing of all its products and sells direct to consumers in an online-only model. Until January, Quince was only available in the United States. The timing of its expansion to Canada wasn’t ideal, since most shoppers were shifting away from American brands to “Buy Canadian” due to politics and tariffs.
But as a consumer who likes to shop and does a ton of it online — I just don’t get the appeal of Quince. At all. I’ve tried, but I just can’t fall in love with Quince.
Since Nov. 2024, I’ve purchased 11 different items and only kept 1, a Lightweight Cotton Cashmere Crew Sweater, which I have never worn. Not once.
Despite marketing themselves for their customer service, getting a refund on a pair of pants I never even received was a total pain in the ass and took way too many attempts and too much time on my part. Plus, their shipping takes forever.
I’ve been ruined by Amazon.
One of Biggest Podcasting Advertiser
I’m not done with my gripe. I love listening to the podcast Creative Pep Talk from Andy J. Pizza. But every time I hear him talk about his wardrobe from Quince, I lose any desire to look at the website. Being inundated by their advertising is a total turnoff.
And it’s not just his show. Quince is one of the the 4 largest advertisers on Podcast. How big? Quince joins Amazon in the Top 4, big.
All About the Dupes
Let’s continue with my concerns. The brand isn’t without its critics or lawsuits. Similar to Costco, Quince has been sued by top brands for making product dupes and selling them for less. Copycat accusation lawsuits include:
Coach for purses
Ugg for boots
Williams-Sonoma for home goods
Anyone can sue. But if I’m getting a dupe, it better be easy, cheap and pretty damn amazing, or I’m not interested. I’d rather buy the real thing or go without.
The Significance of Latest Funding Round
So why does any of this matter, beyond my personal shopping grievances and preferences? My annoyance with Quince is clearly an anomaly. Others don’t feel the same. When you look at the numbers behind Quince, I’ll give it to them — they’re gorgeous.
This week Quince took on a $500 million Series E funding round, which undressed some interesting details behind the company’s financials. (Yes, I went there.)
Valuation: The funding took Quince’s valuation to $10.1 billion, which is more than double its value during its last funding round in July. In less than 1 year, the company’s valuation doubled.
Revenue: Sales last year exceeded $1 billion. Quince now has an annual run rate of $2 billion. This, after experiencing triple digit year-over-year growth. Something it has achieved every year since its 2020 launch.
The funding is fueling Quince’s spend on marketing. Consider the collaboration Stylist Erin Walsh did with Quince. InStyle magazine highlighted several of the items for readers to go buy.
Giving credit where it’s due: Quince’s marketing is working, and the projected growth in sales prove it.
Let’s put $2 billion of sales into context by considering other brands that report annual sales of the same size. The list includes:
Cheesecake Factory
Victoria’s Secret
Revlon cosmetics
Think about it: the slices of cheesecake, the bras, the lipstick tubes. Quince gets there with $50 cashmere sweaters. Respect. I may not be in love with Quince — but I’m definitely enamored with the business.
Are you a Quince shopper? Share your experience in the comments & tell me what I’m missing out on!