Quince's 'luxury for less' prices come from a factory-direct model that independent evaluators can't see into: Good On You rates it 2/5 across people, planet, and animals, finding no factory list, no living-wage evidence, and no verification behind its ethics claims. A $10.1 billion valuation — doubled in six months — demands growth that only deeper price pressure on that opaque supply chain can deliver. The founders run it; ICONIQ, DST Global, and Wellington fund it; the factory workers are invisible in the record.