Quince, the California-based brand gaining global buzz for its affordable luxury wardrobe essentials, has raised about $200 million in a new funding round, valuing the company at more than $4.5 billion. The label, which gained prominence on platforms like Instagram and TikTok, offers direct-to-consumer clothing and home goods at remarkably low prices, earning it a reputation as a disruptor in the accessible luxury space.

Iconiq Capital, the investment firm managing wealth for Silicon Valley elites including Mark Zuckerberg and Jack Dorsey, is reportedly leading the round, according to people familiar with the matter. The new valuation more than doubles Quince’s previous worth—indicating strong investor confidence in the brand’s business model and growth trajectory.

Representatives for both Quince and Iconiq declined to comment.

Launched in 2018, Quince has grown rapidly by offering products such as $50 cashmere sweaters, silk dresses, bedding, and even discounted caviar—delivered straight from factories. By cutting out traditional intermediaries and shipping directly to consumers, the brand keeps costs low while maintaining quality. The model is comparable to those used by Chinese e-commerce giants such as Temu and Shein, though Quince is positioned as more sustainable and quality-focused.

Its direct-to-consumer, factory-to-door approach has earned it a dedicated fan base in the U.S. and beyond, particularly among millennial and Gen Z shoppers seeking both value and style.

The fundraising comes at a time when many direct-to-consumer brands are struggling to secure capital. Increased social media advertising costs and sluggish consumer spending have deterred private investment in the sector. However, sources say Quince’s consistently strong revenue growth set it apart from competitors and attracted backers in a challenging market.

Earlier this year, Quince raised $120 million in a Series C round led by Notable Capital and Wellington Management.

Iconiq, founded in 2011, has grown into one of the most prominent venture investors in Silicon Valley. In 2023, it raised $5.75 billion for its latest venture capital fund. Its involvement with Quince could further boost the brand’s global profile as it scales operations and expands its product offering.

FashionNetwork.com with Bloomberg