US online retailer Quince has launched in the UK, its first expansion outside the US and Canada, selling luxury lifestyle items such as candles, cashmere sweaters, skincare and diamond tennis bracelets at low prices. Quince operates a direct-from-manufacturer-to-consumer model across nearly 100 categories, cutting inventory and shipping costs to save shoppers as much as 70 per cent. A Mongolian cashmere crew-neck jumper costs £50 versus £150 through traditional retailers, while a men’s Italian leather tech folio retails at £80 compared with £175 elsewhere.
The company sits at the heart of the fast-growing “dupe economy,” copying well-known brands without pretending to be the real thing. Quince generated $1bn in annual revenues last year and was valued at $10.1bn after a $500mn funding round in March. Founded in 2019, the San Francisco-based firm says it now has 32mn monthly users in North America and is backed by Wellington Management, Baillie Gifford and DST Global.
Quince uses AI to identify fast-selling items and predict weekly demand, then partners with specialist manufacturers to create similar-looking products. Chief merchandising officer Matt Lippert said the business aims to reinvent a broken retail model by selling quality goods without mark-ups. The retailer faces lawsuits from brands including Williams-Sonoma and Deckers, owner of Ugg.
Source: Financial Times Companies · Summarized by HeadlinesBriefing