Glossier Inc. is doubling its direct-to-consumer model and is preparing to re-enter and expand in the stationary retail sector.
The digital native beauty brand announced that it has raised $ 80 million in Series E funding, bringing the company’s valuation to $ 1.8 billion, according to Women’s Wear Daily. The most recent round was led by Lone Pine Capital along with existing investors Forerunner Ventures, Index Ventures, IVP, Sequoia Capital and Thrive Capital.
Glossier said it will continue to scale its online and offline experience, take an e-commerce approach to enter new international markets, and expand its presence through dozens of new stores planned in the US and globally in the coming years , Remove.
Last month, the company announced that it would reopen its own retail channel and open three new stores, starting in Seattle in August, followed by Los Angeles and London later this year. (Glossier previously had two stores – in New York and Los Angeles – that it closed permanently at the beginning of the pandemic.)
“This is just the beginning: We have an exciting retail roadmap to bring Glossier to many more locations in 2022, including our home base in New York City, âsaid Founder and CEO Emily Weiss wrote on her blog. “Our first three stores are the culmination of everything we have learned from our previous offline experiences, and like those experiences, they look at every city through shiny glasses. Each of these stores are designed to inspire everyone to find joy and confidence in their personal beauty style, with a customer journey centered around self-discovery and belonging. First the people, then the products. “
Founded in 2014, Glossier offers 39 basic skin care, makeup, body, and fragrance products that cost between $ 12 and $ 60. The brand is a darling of Millennials and Generation Z, who like a pared-down, minimalist approach.
In a statement, the company said that two in five women between the ages of 18 and 34 in the United States have heard of Glossier and they have more than 5 million customers worldwide. It also said online sales increased during the pandemic, with sales increasing year over year across all product categories.
“When Glossier was founded as a digitally native beauty company, we were an anomaly in our industry that was slowly moving beyond the bricks and mortar,” said Emily Weiss, founder and CEO of Glossier, of our strategy and expectations of Beauty Consumers everywhere agree: Beauty discoveries are increasingly starting online as people seek inspiration from friends and strangers, and customers want to fluidly switch between immersive and personalized e-commerce and retail experiences. This is the future we have always built for. “
Kelly Granat, portfolio manager at Lone Pine Capital, said that Glossier is resonating across generations and regions, ânot just for its products, but also for the sense of connectedness and belonging that inspires the brand.
“The community that has grown around Glossier’s approach to beauty, advocating individual freedom and choice has made Glossier’s direct relationship with its customers even stronger,” she said.
Glossier was founded in 2014 and has set itself the task of inspiring everyone to find joy and confidence in their personal beauty style. Glossier’s 39 products – modern essentials for skin care, makeup, body, and fragrances – cost between $ 12 and $ 60. The company has more than 5 million customers worldwide and has made a name for itself over generations, particularly with Gen Z and Millennials; two in five women between the ages of 18 and 34 in the United States have heard of Glossier.
Although all retail locations closed at the start of the pandemic, the company continued to grow in 2020 thanks to its extensive investments in online discovery and shopping, with year-over-year sales increasing across all product categories.
“Glossier is resonating across generations and regions, not just because of its products, but also because of the sense of connectedness and belonging the brand creates,” said Kelly Granat, portfolio manager at Lone Pine Capital. âThe community that has formed around Glossier’s approach to beauty, which advocates individual freedom and choice, has made Glossier’s direct relationship with its customers even stronger. This is already an iconic and groundbreaking beauty company, and we’re excited to play a role in bringing Glossier experiences and products to people everywhere. “