The Vogue Business Funding Tracker
Introducing the Vogue Business Funding Tracker, a running list highlighting the most notable and intriguing investment and M&A activity in fashion and beauty. From emerging disruptors to legacy giants undergoing major changes, we spotlight the deals that are shifting the dynamics of the sectors we cover, including fashion, beauty, tech and sustainability.
March 2026
Saks Global
Company description: Saks Global has received approval of its five-year business plan by an ad hoc group of the Company’s senior secured bondholders, and has secured access to an additional $300 million of its $1.75 billion in committed capital accordingly. This will provide the company with sufficient liquidity to continue to support operations.
Funding and round: Saks has secured access to an additional $300 million of its $1.75 billion in committed capital.
Quince
Company description: Quince, the direct-to-consumer brand that bills itself as a high-quality, accessible alternative for fashion and beyond, has announced a $500 million funding round, resulting in a post-money valuation of $10.1 billion. The funding will support the continued growth and global expansion of Quince’s manufacturer-to-consumer (M2C) operating system, per the release.
Funding and round: $500 million, Series E
Investor(s): ICONIQ (portfolio includes: Oura, Uber, Warby Parker, Zoom), with participation from Baillie Gifford, Basis Set Ventures, DST Global, Marcy Venture Partners, Notable Capital, Wellington Management and WndrCo.
Investor comments: “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,” Yoonkee Sull, general partner at ICONIQ, said in a statement. “By redesigning how premium products are manufactured and delivered, compressing traditional retail cycle times and reducing waste, and building a deep understanding of what customers want in real-time, the company is correcting structural inefficiencies that have long defined retail economics. We are excited to triple down in Quince following a year of strong execution by the team and believe the platform is positioned for durable, long-term growth.”
Forest Essentials
Company description: Estée Lauder Companies (ELC) has taken full ownership of Forest Essentials, the cosmetics, skincare, and fragrance brand known for its ayurvedic products. The beauty giant took out a minority stake in 2008, before increasing its investment in 2020 to 49%. It marks the first M&A move made by ELC CEO Stéphane de La Faverie, with a full takeover of Forest Essentials expected to close in the second half of 2026.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Estée Lauder Companies (portfolio includes: Jo Malone London, Le Labo, Tom Ford Beauty, and more).
Investor comments: “Today marks a meaningful new chapter in a partnership built over the past 18 years on a foundation of mutual trust and respect. Forest Essentials is an exceptional brand, beloved in India, and created and nurtured by its founder Mira Kulkarni,” said de La Faverie. “We are honored to strengthen our partnership with Mira, who, like Mrs. Estée Lauder, has elevated the prestige beauty industry through a clear vision of authenticity and purpose.”
