an indicator that the system that we’re building is actually working for the consumer – and working for the consumer at scale,” Matt Lippert, Quince’s chief commercial officer, said. Unlike other “dupe” companies on the market, Quince is built on a factory-direct model that cuts out middlemen, leverages just-in-time manufacturing to minimise waste and maximise value, and incorporates AI to deliver its consumers quality goods, such as its well-known cashmere sweaters, at a more accessible price point. Lippert announced that capital from the latest funding round will go toward maintaining the brand’s momentum, with investments planned in leadership, product catalogue expansion and international growth. How Quince hit a US$10 billion-plus valuation Quince is part of an extremely rare cohort of fashion startups that have secured “decacorn” status, meaning they are privately held and valued at over US$10 billion. This includes Shein, which reportedly secured a US$100 billion valuation in 2022, later cut by two-thirds during its tenuous IPO path, and wholesale marketplace Faire, which raised funding at a US$12.4 billion valuation in 2021. So what is it about Quince, which has often been referred to as just another “duping” brand, that has garnered such a high valuation? Well, as CI&T’s global director of retail strategy, Melissa Minkow, told Inside Retail, Quince is a great example of a company “getting the core tenets of retail down right”. Minkow noted that Quince’s user experience is top-notch, enabling consumers to find what they need and discover aligned items seamlessly and efficiently. Additionally, Quince’s assortment, which ranges from cashmere to caviar, is consistently on trend, offers reasonable price points and is accompanied by sufficient information to empower today’s shopper when purchasing. Minkow also called the comparison tables “brilliant” because they help consumers compare Quince goods to other brands without leaving the site. An example of this can be found in Quince’s cashmere sweaters, which initially helped the brand garner consumer attention and are then compared, price- and composition-wise, to other brands like Buck Mason and Todd Snyder. “Quince has clearly observed, learned and put into practice what the best retailers should do,” she concluded. Similarly, Neil Saunders, analyst and managing director at GlobalData, explained that Quince achieved its high valuation through an ideal combination of retail strategies. “Quince has become a very popular destination for consumers, mostly because it caters to the desire for premium products at sharp price points. People like the feeling that they’re getting a bargain,” said Saunders. “Moreover, Quince has a fast product cycle and is constantly bringing new and on-trend products to market, which keeps consumers coming back and drives them to convert quickly. Those metrics and its fast growth have propelled it to a very high valuation.” To build on Quince’s clear ability to attract repeat customers, Minkow suggested that the company allow shoppers to request recommendations through conversational tools and offer agents who will add items to the cart when deals strike on products. If Quince continues offering a desirable product assortment at efficient, cost-effective rates and introduces intriguing new categories, Saunders said the company should maintain its momentum over the year ahead. “However, it’s unrealistic to expect it to keep punching out very high growth indefinitely.” Comparing Quince to other “dupe” brands Quince is hardly the first company to boast of offering better prices on luxury goods. As Christine Russo, the principal of Retail Creative and Consulting Agency (RCCA), told Inside Retail, “Quince is a Shein model packaged in an Everlane wrapper.” The manufacturer-to-consumer (M2C) model is not a new precedent, as brands like Shein have clearly demonstrated their success. Where Quince differs significantly from the Chinese-founded retail player is its incorporation of effective storytelling strategies, such as elevated user-generated content from consumers and more credible style influencers. Where Shein is viewed as “tacky,” even polarising, Quince has built a more premium brand image and a more ethically transparent supply chain. How Quince is trying to become more than a “dupe” brand The company has also steadily been taking steps to define a more distinct brand image beyond being a “duping” platform. Last year, Quince launched a marketplace for gourmet food and wine, featuring a mix of speciality producers and globally recognised names such as Dom Pérignon. “Gourmet food and wines is a natural next step in our commitment to deliver exceptional quality across every aspect of our customers’ lives, from wardrobe and home to the table,” said Daphne de Chatellus, Quince’s head of emerging categories. “Our goal has always been to make luxury accessible and thoughtfully curated.” In January, Quince announced a partnership with A$AP Rocky to celebrate the release of Don’t Be Dumb, his highly anticipated first studio album in over seven years. The collaboration included a limited-edition vinyl with a custom cover, exclusive to Quince’s site, and a Quince-exclusive Don’t Be Dumb T-shirt. “This collaboration reflects how we think about modern luxury,” said Antonieta Moreland, Quince’s head of brand. “Great design, cultural relevance and access should never be mutually exclusive.” This February, Quince built on its success by hiring beauty-industry veteran Dakota Kate Isaacs as its first head of brand strategy and narrative. Isaacs, who previously spent over eight years with beauty conglomerate Deciem, is known for her track record of defining a distinct, refined brand image while staying true to the company’s core values. Even though it is never easy to shift a brand’s overall image, especially in consumers’ eyes, Quince is more than ready to embark on this mission. “We’re just scratching the surface. I think there’s a lot more value that we can deliver to the consumer,” said Lippert. Further reading: How Victoria’s Secret’s focus on products delivered a remarkable Q4