Most luxury fashion brands want you to believe that a $400 cashmere sweater is worth $400. Quince is the company that decided to prove them wrong — and built a $10 billion business doing it.
Founded by a man who went from private equity to candy stores to luxury fashion, Quince has become one of the most talked-about brands in American retail. But who actually owns it? The answer involves three founders, 18 investors, a landmark $500 million fundraise, and a valuation that just hit $10.1 billion in March 2026.
What Is Quince?
Quince is an American direct-to-consumer (DTC) e-commerce company headquartered in San Francisco, California, that sells high-quality apparel, accessories, jewelry, home goods, wellness, and beauty products — at prices far below traditional luxury retail. Its legal registered name is Last Brand Inc.
Quince operates on a manufacturer-to-consumer (M2C) model — goods are produced directly by partner factories and shipped straight to customers, cutting out every middleman, wholesale markup, and retail overhead in between. A Mongolian cashmere sweater that would retail for $400+ at a traditional luxury brand starts at just $50 on Quince. Revenue surpassed $1 billion in 2025, growing at triple digits annually since launch.
Who Owns Quince in 2026?
Quince is a privately held company — it is not listed on any stock exchange. The company is majority-owned and controlled by its co-founders, with Sid Gupta serving as CEO and holding the largest individual stake. The other two co-founders, Sourabh Mahajan (Chief Technology Officer) and Zunu Mittal (President), also hold meaningful equity.
The company has raised approximately $350 million across earlier rounds and then closed a landmark $500 million Series E in March 2026 led by ICONIQ Capital, pushing the company’s valuation to $10.1 billion — making it one of the most valuable DTC brands in the entire history of American e-commerce.
Ownership and Key Stakeholders Table
| Owner / Party | Role | Stake | Key Detail |
|---|---|---|---|
| Sid Gupta | Co-Founder & CEO | Largest individual stake (private) | Led the company from founding; previously ran Lolli and Pops candy chain |
| Sourabh Mahajan | Co-Founder & CTO | Significant founding equity | Leads technology and supply chain infrastructure |
| Zunu Mittal | Co-Founder & President | Significant founding equity | Oversees company operations and growth strategy |
| ICONIQ Capital | Lead Investor — Series E | Significant institutional stake | Led the $500M Series E at $10.1B valuation in March 2026 |
| Insight Partners | Institutional Investor | Significant stake | Major growth-stage technology investor |
| Wellington Management | Institutional Investor | Significant stake | Co-led the $120M Series C in January 2025 |
| Notable Capital | Institutional Investor | Significant stake | Co-led the $120M Series C in January 2025 |
| Founders Fund | Institutional Investor | Minority stake | Peter Thiel’s venture fund; early growth-stage backer |
| DST Global | Institutional Investor | Minority stake | Global tech investor; backed Facebook, Airbnb, and Spotify |
| Marcy Venture Partners | Institutional Investor | Minority stake | Jay-Z’s VC firm; brings cultural and consumer brand expertise |
| WndrCo | Institutional Investor | Minority stake | Jeffrey Katzenberg’s VC firm; also invested in HYROX |
| Baillie Gifford | Institutional Investor | Minority stake | Scottish long-term growth investor; backed Amazon and Tesla early |
| Public / No Shares | N/A | Not publicly traded | No IPO yet; analysts project 2026–2027 IPO window |
The Origin Story: From Private Equity to Candy to Cashmere
Quince was founded in 2018 in San Francisco by Sid Gupta, Sourabh Mahajan, and Zunu Mittal. Prior to Quince, Gupta worked in private equity for nearly five years, then built a candy retail chain called Lolli and Pops that grew to over 90 stores before his exit.
From candy to fashion might seem like a leap — but Gupta’s primary focus has always been on the process, not the product.
The founders identified a fundamental inefficiency in luxury retail: premium products like cashmere sweaters and Italian leather bags cost a fraction of their retail price to manufacture.
The gap between factory cost and retail price is not driven by material quality — it is driven by layers of wholesale markups, retail overhead, advertising budgets, and brand premiums. Quince decided to eliminate all of those layers entirely.
The M2C model works simply: Quince partners directly with the same factories that supply high-end luxury brands, orders products at factory cost, and ships them directly to customers. No wholesale. No retail stores. No middlemen. The result is a Mongolian cashmere sweater for $50, a 100% linen shirt for $30, and a European linen duvet for a fraction of what department stores charge.
The $10.1 Billion Moment: March 2026
The single biggest headline in Quince’s financial history happened on March 24, 2026, when the company announced the close of its $500 million Series E funding round led by ICONIQ Capital — at a post-money valuation of $10.1 billion.
Yoonkee Sull, general partner at ICONIQ, said: “Quince has built hyperefficient infrastructure that enables it to deliver unmatched value to consumers at scale and, in turn, has built a brand people love.” He added that Quince is “correcting structural inefficiencies that have long defined retail economics” by redesigning how premium products are manufactured and delivered.
This valuation places Quince in extraordinarily rare company. Very few direct-to-consumer fashion brands have ever reached a $10 billion private valuation. For comparison, Allbirds peaked at a $4 billion valuation before its public market decline, and Warby Parker went public at roughly $6 billion. Quince at $10.1 billion — still private — is in a league of its own in the DTC fashion space.
The Business Model That Made It Possible
Quince’s growth has been powered by a supply chain philosophy that is almost the opposite of traditional fashion retail. Most fashion companies design a product, then find a factory to make it, then sell it through wholesale to retailers, who mark it up again before selling it to consumers.
By the time a cashmere sweater reaches a department store, it may have been marked up five to eight times its original factory cost.
Quince removes every step after the factory. It works directly with certified ethical manufacturers — in Mongolia for cashmere, in Portugal for leather goods, in Italy for fine bedding — and ships those products directly to customers within days of ordering.
The company also uses real-time customer data to understand what products people want before committing to large production runs, reducing waste and inventory risk significantly.
In January 2026, Quince collaborated with A$AP Rocky — its first major celebrity collaboration — which boosted Gen Z brand credibility significantly. The company has also expanded well beyond apparel into gourmet food, premium caviar, and wine, demonstrating that the M2C model works across almost any product category that has historically been marked up by luxury branding.
Is Quince Planning an IPO?
Quince remains a private company as of September 2026, but an IPO is widely anticipated. Analysts project an IPO window in 2026–2027 contingent on reaching approximately $2 billion GMV. CEO Sid Gupta’s public comments have consistently emphasized a long-term independent strategy rather than a sale to legacy retail conglomerates — suggesting that when Quince does go public, it will do so on its own terms.
With $1 billion+ in revenue (2025), a $10.1 billion valuation, and investors including ICONIQ, Wellington Management, Founders Fund, and DST Global, the company already has the profile of a strong IPO candidate. Large public-market institutions — including Baillie Gifford, famous for backing Amazon and Tesla at early stages — are already positioned on the cap table.
Frequently Asked Questions (FAQs)
Q1. Who owns Quince in 2026?
Quince is privately owned by co-founders Sid Gupta (CEO), Sourabh Mahajan (CTO), and Zunu Mittal (President), with 18 institutional investors including ICONIQ Capital holding minority stakes.
Q2. When was Quince founded?
Quince was founded in 2018 in San Francisco, California, by Sid Gupta, Sourabh Mahajan, and Zunu Mittal under the legal name Last Brand Inc.
Q3. How much is Quince worth in 2026?
Quince was valued at $10.1 billion following its $500 million Series E funding round led by ICONIQ Capital, closed in March 2026.
Q4. Is Quince publicly traded?
No. Quince is a private company and is not listed on any stock exchange, though analysts project an IPO as early as 2026–2027.
Q5. Who are the biggest investors in Quince?
Major investors include ICONIQ Capital, Insight Partners, Wellington Management, Founders Fund, DST Global, Marcy Venture Partners, and Baillie Gifford, among 18 total investors.
Q6. What is Quince’s business model?
Quince uses a manufacturer-to-consumer (M2C) model — partnering directly with factories and shipping products straight to customers, eliminating all middlemen and retail markups.
Q7. How much revenue does Quince generate?
Quince surpassed $1 billion in revenue in 2025, growing at triple digits annually since its 2018 launch, with 2024 revenue reported at $340 million.
Q8. Who is the CEO of Quince?
Sid Gupta is the Co-Founder and CEO of Quince. Before founding Quince, he worked in private equity and built the Lolli and Pops candy retail chain to over 90 stores.
Quince is a 100% privately owned company, co-founded and majority-controlled by Sid Gupta (CEO), Sourabh Mahajan (CTO), and Zunu Mittal (President) since its 2018 founding in San Francisco. Its legal name is Last Brand Inc.
The company has raised approximately $850 million in total funding, including a $500 million Series E closed in March 2026 led by ICONIQ Capital at a $10.1 billion valuation — making it one of the most valuable DTC fashion brands in history.
Its investor base includes 18 investors spanning Founders Fund, DST Global, Wellington Management, Marcy Venture Partners (Jay-Z’s VC), WndrCo (Jeffrey Katzenberg’s VC), and Baillie Gifford. Revenue crossed $1 billion in 2025. A potential IPO in 2026–2027 could make Quince one of the most watched public offerings in American retail history.
