At five years old, Glossier Inc. just raised $100 million in Series D funding to "build the future beauty company in collaboration with its customers." Sequoia Capital reportedly led the round, in addition to contributions from Tiger Global Management, Spark Capital, Forerunner Ventures, Thrive Capital, IVP and Index Ventures.
Glossier, which just expanded its offerings with the Glossier Play collection, also announced that Vanessa Wittman has been named as the company's CFO. Wittman has held CFO roles at Oath, Dropbox, Motorola Mobility, and Marsh & McLennan.
The company's 2018 sales revenue passed $100 million; it also added 1 million new customers.
"We are building an entirely new kind of beauty company..."
Recent NPD data showed that Glossier has almost equal sales growth driven by millennials and Gen Z. It was also one of the direct-to-consumer brands with the largest year-over-year growth in 2018, expanding at a whopping 69%.
"We are building an entirely new kind of beauty company: one that owns the distribution channel and makes customers our stakeholders," said Emily Weiss, founder and CEO of Glossier. "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."
The move is part of Weiss' declared "phase 2" of Glossier, which will feature a brand-owned social commerce platform that will harness control of social media on its own terms.
"This is one of the most efficient direct-to-consumer businesses we've encountered, and with this new capital, we believe Glossier is well positioned to define the next era of the beauty industry."
Glossier now has more than 200 employees across three offices, and operates in the United States, Canada, the United Kingdom, the Republic of Ireland, France, Denmark, and Sweden.
In addition to the CFO role, recent hires include:
- Edith Chen, VP of supply chain operation; Chen most recently had full P&L responsibility for LF Beauty in the United States and the Americas.
- Nick DeAngelo, VP of operations; he previously worked at Jet.com, where he led supply chain and fulfillment for five years, through the company's acquisition by Walmart.
"Glossier has built an exceptional brand and relationship with its customers, and its business fundamentals are equally impressive," said Michael Abramson, partner at Sequoia. "This is one of the most efficient direct-to-consumer businesses we've encountered, and with this new capital, we believe Glossier is well positioned to define the next era of the beauty industry."
"With its digital-first DNA and enthusiasm for meeting consumers where they are, we believe Glossier is the defining company of this new channel."
"Beauty consumers increasingly want to interact with brands and purchase products online: by 2024, online beauty sales are expected to reach $120 billion globally," said Megan Quinn, general partner at Spark Capital. "The industry's conglomerates are ill-equipped to retrofit their businesses to this new reality. With its digital-first DNA and enthusiasm for meeting consumers where they are, we believe Glossier is the defining company of this new channel."