Who Owns Quince?

Quince was founded in 2018 in San Francisco under the legal name Last Brand, Inc., by Sid Gupta, Sourabh Mahajan, Becky Mortimer, and Zunu Mittal. Gupta brought e-commerce operational experience and conceived the core model: build a platform that works directly with the same factories producing for luxury brands, then sell the resulting goods at dramatically lower prices by eliminating wholesale markups, retail overhead, and excess inventory.

The company publicly launched in October 2020 after rebranding from Last Brand to Quince in June of that year. Its opening product was a $50 cashmere sweater, a deliberate proof-of-concept: cashmere identical in quality to what luxury brands sold for $200 or more, sourced directly from factories and priced at a fraction of the typical retail markup.

The manufacturer-to-consumer model, which Quince brands M2C, inverted conventional retail economics. Rather than buying large seasonal inventory and marking it up, Quince places smaller production runs, uses AI-driven demand forecasting to predict weekly demand at the size and SKU level, and replenishes based on real sales data. This approach limits the markdown losses and overproduction waste that compress margins across conventional retail.

Growth was rapid. The company expanded from apparel into jewelry, home goods, furniture, luggage, wellness, beauty, and gourmet food, reaching more than 100 product categories. Forbes included it in its Next Billion-Dollar Startups list in 2023. In January 2025 it raised a $120 million Series C co-led by Notable Capital and Wellington Management. A $200 million Series D led by ICONIQ followed in July 2025 at a valuation above $4.5 billion.

In March 2026, Quince closed a $500 million Series E at a $10.1 billion valuation led by ICONIQ, with participation from Baillie Gifford, Basis Set Ventures, DST Global, MarcyPen Capital Partners, Notable Capital, Wellington Management, and WndrCo. The company surpassed $1 billion in revenue during 2025 and crossed $2 billion in trailing twelve-month sales by mid-2026. It employs approximately 800 people.