Glossier is now a tech unicorn, which translates as a privately held start-up company with a current valuation of US$1 billion or more.
And it is more – in the millennial beauty brand’s case, as Glossier is now valued at over $1.2 billion after raising $100 million from investors led by Sequoia Capital.
This comes just a few years after founder and CEO Emily Weiss launched the brand in 2014, off the back of her successful beauty blog Into The Gloss.
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Baby me in 2014 wasn’t sure if we could afford the next hire, didn’t know if anyone would like her idea for a beauty company, was engaged to be married, and hardly knew a venture capitalist from a bank teller. Emily in 2019 has been through hell and high water to build an incredible company with incredible people, endured heartbreak and experienced new love, and been among a very small minority of women raising this kind of money at these kinds of prices, to build the things they believe in. Today Glossier was able to achieve something very special. And all it means, is that we get to keep building things that make people happy. On this day especially, I am so excited to say: go team go ✨
Instrumental in transforming the landscape of beauty business, Glossier – with its distinctively Instagrammable aesthetic – took a direct to consumer approach for both product development and distribution, while recoupling price and luxury and price and quality. It felt truly democratic, and sparked a trend.
“We are building an entirely new kind of beauty company: one that owns the distribution channel and makes customers our stakeholders,” said Weiss in a statement. “Thanks to this direct relationship with our customers, we have access to endless inspiration for new products, experiences, and ways of building an enduring business—all while staying true to our core belief that beauty should be a celebration of individuality and personal choice.”
Other independent beauty businesses celebrating similar successes include Pat McGrath Labs (the brainchild of the UK make-up artist, Pat McGrath), which has an estimated valuation of $1 billion, and Kylie Cosmetics (founded by Kylie Jenner) with an estimated worth of $900 million. Both began a year after Glossier, in 2015, launching with single products.
Earlier this month, Weiss launched a sister brand, Glossier Play, which offers the brand’s diverse community experimental colour cosmetics – a departure from Glossier’s core ‘skin first, make-up second’, less-is-more mantra.
While Glossier Play was eagerly awaited, it was received with some criticisms regarding sustainability given the amount of plastic used in both the packaging and formulations. Without releasing a statement, the brand responded individually to feedback confirming plans to reformulate with biodegradable glitter and phase out the use of foil wrappers. An astute play from the beauty brand that even gets it right when it got it wrong.
From: Harper’s BAZAAR UK