Quince company raised $500 million in investment

Quince, a company operating in the field of e-commerce, has successfully completed a new financial round. This was reported by Zamin.uz.

The company raised 500 million dollars in investment, reaching a total valuation of 10 billion dollars. This was reported by foreign media outlets.

The financing process was led by the Iconiq fund, which had also supported the company in previous stages. In less than a year, the company's market value doubled from 4.5 billion dollars.

This testifies to the very rapid pace of development in the sector. Quince initially attracted attention by advertising inexpensive cashmere sweaters on social networks.

Currently, it is not limited to clothing only but offers a wide range of home goods, accessories, and beauty products. Unlike traditional shopping centers, Quince designs and manufactures the products itself, then delivers them directly to the customer.

This method reduces intermediaries and lowers prices. The company exited the trial phase in 2020 and describes its operation as a single chain from manufacturer to consumer.

By controlling technology and design, they accurately forecast market demand, reduce waste, and have the ability to produce products in small volumes. Investors and management emphasize that this model is effective in delivering high-quality products to a large number of customers, unlike fast fashion trends.

Several brands have accused Quince of copying their designs and have tried to resolve the matter through court proceedings. For example, although many claims were made by large companies, Quince won some of the cases.

Nevertheless, customer interest did not decline, and the company announced that its annual revenue has exceeded one billion dollars. Notably, the company also entered the Canadian market in January.

Several international investment funds also participated in the new round.