Glossier, the Millennial pink, digitally native magnificence model, has raised a sequence E that brings the corporate’s complete enterprise capital backing to greater than $265 million.
The sequence E spherical was led by Lone Pine Capital, with participation from present buyers Forerunner Ventures, Index Ventures, IVP, Sequoia Capital and Thrive Capital. The firm stated it could use the cash to “scale its online and offline experiences, taking an e-commerce-first approach to entering new international markets, and deepening its presence through dozens of new stores planned for the United States and globally in the coming years.”
New everlasting shops are deliberate for Seattle, Los Angeles and London later this yr, the corporate stated.
With its earlier $100 million sequence D, Glossier grew to become one among magnificence’s unicorns, valued at greater than $1 billion. With the sequence E increase, a supply with information of firm financials confirmed that Glossier’s valuation stands at $1.8 billion.
Glossier is one among a handful of magnificence firms that has adopted the normal VC funding route. Historically, most magnificence firms scaled organically earlier than taking over later-stage non-public fairness cash. But these traditions have modified as enterprise capital has flooded the patron packaged items house lately.
The Honest Co., which went public earlier this yr, raised greater than $500 million earlier than its IPO. Madison Reed, the hair colour enterprise, has additionally raised a big amount of cash — about $185 million, following the shut of a $52 million spherical not too long ago. Ipsy has raised greater than $236 million, and Virtue Labs has raised greater than $70 million.
At one level, Glossier’s founder, Emily Weiss, had thought-about taking Glossier public, saying in 2018 that her aim was to construct “a massive, stand-alone business,” and that “If an IPO is the best way for us to get there, then we’ll do that.”
Glossier, now about seven years previous, was the primary splashy, fashionable direct-to-consumer magnificence enterprise. The model grew to become recognized for its Instagram-friendly minimal aesthetic and cool-girl fashions who didn’t seem like carrying any make-up in any respect.
Glossier stated in an announcement that two in each 5 girls between ages 18 and 34 within the U.S. have heard of Glossier, and that the corporate was capable of enhance on-line gross sales throughout classes throughout the pandemic.
“When Glossier launched as a digitally native beauty company, we were an anomaly in our industry, which has been slow to innovate beyond brick and mortar,” Weiss stated in an announcement. “Now, nearly seven years into Glossier’s journey, our strategy and the expectations of beauty consumers everywhere are aligned: beauty discovery increasingly begins online as people look for inspiration from friends and strangers alike, and customers want to move fluidly between immersive and personalized e-commerce and retail experiences.”
Glossier’s new investor, Kelly Granat at Lone Pine, stated that Glossier is an “iconic and era-defining beauty company,” and that the agency needed to play a task in bringing the model’s merchandise and experiences to “people everywhere.”
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