The news: D2C brand Quince is now valued at $4.5 billion following a $200 million funding round, per Bloomberg.

That’s more than double its valuation from earlier this year and marks its second successful fundraising attempt in six months.

Quince’s appeal: Quince has raised as much funding this year as the rest of the fashion and apparel industry combined, according to Crunchbase—a sign of the company’s rising star in a notoriously competitive space. The brand’s affordable luxury ethos is resonating strongly as consumers grow increasingly skeptical about designer brands’ value proposition and turn to lower-cost dupes.

• Quince explicitly invites those comparisons by mimicking popular designs and then spotlighting precisely how much cheaper its version is—a move that has earned it a reputation for transparency as well as near-endless attention on social media.
• The company also offers a staggering array of products, from apparel and accessories to home goods, beauty, and luggage, increasing the likelihood of consumers discovering the brand during their online shopping journey.

Our take: Quince’s meteoric rise reflects the normalization of dupe culture. Shoppers are no longer making decisions solely on brand name and are gravitating toward companies that offer a compelling combination of affordability and quality.

While Quince’s attempt to insert itself into practically every category imaginable could eventually become an Achilles’ heel, the brand is for the time being perfectly positioned to capitalize on consumers’ insatiable desire for a good deal.