Quince: The $4.5B Factory-Direct Giant

One of DTC’s earliest promises was to cut out the middleman. Few have executed that vision like Quince.

• Launched in 2018 with $50 factory-direct cashmere sweaters

• Now spans apparel, home, travel, jewelry, footwear, and even luxury groceries

• Operates on a Manufacturer-to-Consumer (M2C) model, shipping straight from global factories

• 2025 outlook: ~$450M revenue, +50% YoY

• Raised ~$460M to date, including $200M this month from Iconiq Capital at a $4.5B valuation

A rare case of a DTC brand scaling fast while staying true to its original thesis.

Adanola: UK Athleisure Goes Global

In a crowded activewear category, Adanola has built a cult following with its “everyday uniform” positioning.

• Founded in Manchester, UK in 2015 by Hyrum Cook

• Sold 1.5M+ leggings, backed by Kendall Jenner, Kaia Gerber & Rosie Huntington-Whiteley

• TikTok virality + limited drops keep demand hot without heavy discounting

• 2023 → 2024: Revenue grew $37M → $77M, Profit $11M → $25M

• Secured minority investment from Story3 Capital Partners, valuing Adanola at $530M

The brand is showing Alo Yoga-like growth potential with profitability to match.

OneSkin: Betting on Longevity, Not Wrinkles

The beauty industry is shifting from anti-aging to cellular longevity. OneSkin is leading the way.

• Founded in 2016 by four Brazilian PhDs in stem cell biology

• Breakthrough: proprietary peptide OS-01, targeting senescent “zombie” cells

• Years of clinical trials before going DTC with a subscription-first model

• On track for $50M in 2025, two-thirds from subscriptions

• Just raised $20M from Prelude Growth Partners (Sol de Janeiro, Summer Fridays)

Think of it as the One Medical playbook for skincare: science-first, subscription-first, with retail planned for 2027.

🚨 Deal Alert: $300m CPG company looking to divest a non-core DTC coffee brand.

The business will do $7M in revenue and $900k in EBITDA in 2025.

Brand has 8,000 recurring subscribers, built on Shopify, powerful organic marketing presence.

Just needs a new home.

📩 DM or Connect for intros or details.

🎙 Podcast Spotlight: Veracity’s Allie Egan on the Next Wave of Wellness

On this week’s episode, I sat down with Allie Egan, founder & CEO of Veracity. We dug into two of the biggest shifts reshaping health & wellness:

1. The fashionization of supplements — branding and cultural signaling now matter as much as what’s inside the pill.

2. Deprescriptionization — consumers are actively seeking to reduce long-term medication reliance via lifestyle and nutrition.

Allie explains how these insights drove Veracity’s pivot from hormone testing to its hero product, Metabolism Ignite, which quickly gained traction and helped secure a Series A from Maveron and Melitas Ventures.

If you care about where wellness is headed, this conversation is a must-listen.

🎧 Watch on YouTube, listen on Spotify.

That’s it for this week.
If you liked this issue, forward to a friend who obsesses over brand strategy, capital flows, or exit timing.

In the Money – following the flow of capital in consumer

P.S. We love talking to brands interested in exiting in the next 3-18 months. If you know of any brands interested in exiting, or any firms trying to help port cos manage turnarounds, we'd love to share a POV.

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