Quince copied its way to a $10 billion empire. Now it’s looking for a new story

The dupe-culture darling just raised $500 million. I ask its first head of brand and narrative how she’s positioning the brand for hyper growth.

There’s a $298 midi dress on Reformation’s website with delicate lace detailing throughout and a button front that allows you to show some leg—it’s the kind of dress the brand is known for, versatile and a little seductive. On Quince, there’s what appears to be the same dress: It has the same silhouette, the same fabric, the same drape. The Quince version costs $69.90.

That $228 difference is Quince’s entire business model. At a time of inflation, when consumers are looking to curb their spending, Quince’s approach has been wildly successful. Eight years after launch, Quince generates upwards of $1 billion in annual revenue, has a 1,000-strong staff, adds hundreds of new items to the site per week, and has expanded beyond clothing to furniture and home goods, menswear and kids, wellness products like collagen peptides, and even food. (Its $125 caviar has been a huge hit.) This week, Quince snagged $500 million in Series E funding, valuing the company at $10.1 billion.

Quince hasn’t achieved this scale without blowback. It has been sued by the parent companies of Coach and UGG for copying their designs, and Williams-Sonoma has taken aim at its comparative advertising practices. Most recently, Quince has been hit by a consumer class action lawsuit claiming its pricing is deceptive. All of this has shaped the public perception of Quince as a company that makes cheap knock-offs.

Now, Quince is betting that it isn’t enough to be known as a dupe factory. It needs something more: a brand.

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Elizabeth Segran has been a staff writer at Fast Company since 2014.  She covers fashion, retail, and sustainability. She has interviewed Virgil Abloh, Mara Hoffman, Telfar, Diane von Furstenberg, and Ulla Johnson, among many other designers More

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