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

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...