Quince (Last Brand, Inc.)

What is Quince?

Quince is a private consumer technology company operating a manufacturer-to-consumer e-commerce platform. Legally named Last Brand, Inc., it sells premium apparel, jewelry, home goods, and other categories directly from partner factories at prices below conventional retail.

Who owns Quince?

Quince is owned by its private operating company and its investors. Co-founders Sid Gupta, Sourabh Mahajan, Becky Mortimer, and Zunu Mittal retain control alongside venture investors including ICONIQ Capital, DST Global, and Wellington Management.

Is Quince a public company?

No. Quince is privately held, valued at $10.1 billion following its March 2026 Series E. It has not filed for an IPO.

When was Quince founded?

The company was founded in 2018 as Last Brand, Inc., rebranded to Quince in June 2020, and publicly launched in October 2020.

How does Quince make money?

Quince sells goods directly to consumers through its website. Its M2C model sources products from partner factories, uses AI forecasting to limit inventory, and prices below retail by eliminating wholesale and store overhead while retaining retail margins.

Where does Quince manufacture?

Quince products are made by partner factories concentrated in countries including China, Vietnam, India, Turkey, and Italy. Quince does not own manufacturing facilities; it coordinates production through its platform.

Quince was founded in 2018 in San Francisco as Last Brand, Inc., by Sid Gupta, Sourabh Mahajan, Becky Mortimer, and Zunu Mittal. The founding premise was that retail prices were inflated not by product cost but by distribution: layers of wholesale markup, retail overhead, and inventory risk were priced into goods that cost a fraction of their shelf price to produce.

The company spent its early period building the M2C platform before publicly launching in October 2020 under the Quince name. Its debut product, a $50 cashmere sweater sourced from factories supplying luxury brands, established the positioning: luxury-grade materials at direct factory pricing.

Early funding included an $8.5 million seed round backed by Founders Fund, 8VC, and Basis Set Ventures, followed by a $50 million Series A led by Insight Partners and a $77 million Series B. These rounds funded category expansion beyond apparel into jewelry, home goods, and additional verticals, which by 2025 exceeded 100 categories.

Growth followed a consistent pattern: triple-digit revenue growth every year since launch, culminating in more than $1 billion in 2025 revenue and more than $2 billion in trailing twelve-month sales by mid-2026. A $120 million Series C closed in January 2025 co-led by Notable Capital and Wellington Management. A $200 million Series D led by ICONIQ in July 2025 valued the company above $4.5 billion.

The March 2026 Series E raised $500 million at a $10.1 billion post-money valuation, led by ICONIQ with participation from Baillie Gifford, Basis Set Ventures, DST Global, MarcyPen Capital Partners, Notable Capital, Wellington Management, and WndrCo. The round placed Quince among the few private consumer companies valued above $10 billion.

No major regulatory action or verified scandal is on record. The company's marketing claims about luxury-equivalent quality and typical retail markup percentages are self-reported and have drawn journalistic scrutiny, as have the durability and consistency of products across a rapidly expanding category range.

As with all import-dependent retailers, tariffs and trade policy represent a structural risk to the partner-factory model concentrated in manufacturing hubs including China and Vietnam. No enforcement action is on record.