Glossier Files for IPO After Becoming a $1.2B Beauty Unicorn with Sequoia-Led $100M Series D
Glossier
Beauty Product Vendor
Sequoia Capital Global Equities
Venture Capital Firm
VCBeat (WeChat: vcbeat) has learned that Glossier, a star internet beauty brand, recently announced the completion of its $100 million Series D financing round, led by Sequoia Capital. Other investors included Tiger Global Management, Spark Capital, and existing investors Forerunner Ventures, Thrive Capital, IVP, and Index Ventures.
According to available data, Glossier has raised a total of $184.4 million in funding, achieving a valuation of $1.2 billion. The company currently employs more than 200 people and operates in the United States, Canada, the United Kingdom, Ireland, France, Denmark, and Sweden.
Glossier was founded by Emily Weiss in 2010, starting as a beauty blog. In 2014, it evolved into a rare cosmetics company that conducts nearly all of its business online, and in the same year, it received investment from Forerunner Capital, a women-led private equity firm.
Glossier Pioneers the DTC Model in the Beauty Sector (Image Source: Official Website)
Glossier’s business model eschews sales through department stores or specialty retailers like Sephora. Instead, the company markets its in-house brand of serums, balms, and milky cleansers to its 1.9 million Instagram followers. By leveraging original products across four categories—skincare, makeup, body care, and fragrance—Glossier has adopted a consumer-centric branding approach, rapidly emerging as a new force in the global beauty market.
Glossier’s primary sales channel is its official website for direct online sales, though customers can also purchase products at its New York store. Glossier ships its products to consumers in pink packaging, accompanied by a pink bubble pouch for carrying items and stickers.
Glossier stated that its annual sales doubled in 2018, with direct-to-consumer retail revenue exceeding $100 million. Additionally, the company announced the appointment of technology industry veteran Vanessa Wittman as Chief Financial Officer.
Founder and CEO Emily Weiss (Image source: Bloomberg official website)
Regarding this round of financing, Founder and CEO Emily Weiss stated, “We are building an entirely new kind of beauty company, with distribution channels that make our customers stakeholders. By connecting directly with consumers, Glossier gains endless inspiration for new products.”
Michael Abramson, a partner at Sequoia, stated, “Glossier has established direct relationships with its customers. This is one of the most effective direct-to-consumer business models we have encountered, and with the support of new investors, we believe Glossier is well-positioned to methodically define the next era of the beauty industry.”
The company also announced that Vanessa Wittman, former Chief Financial Officer of Dropbox Inc. and Motorola Mobility Holdings, Inc., will join as its Chief Financial Officer.
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VCBeat will continue to monitor new business models in the consumer healthcare sector.