Glossier Inc. has raised an additional $80 million in Series E funding from Lone Pine Capital and existing investors such as Forerunner Ventures, Index Ventures, IVP, Sequoia Capital and Thrive Capital. The news follows the brand's announced reopening and expansion of physical retail spaces through 2022.
The funds will allow the company, which has more than 5 million customers, particularly among millennials and Gen Z, to scale its online and offline channels around the world. (Notably, Glossier says it grew in 2020 across every product category, with fragrance performing surprisingly well.)
"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," said Emily Weiss, founder and CEO of Glossier. "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. This is the future we’ve always been building for.”
“Glossier is resonant across generations and geographies, not only for its products, but for the sense of connection and belonging the brand inspires,” said Kelly Granat, portfolio manager at Lone Pine Capital. “The community that’s formed around Glossier’s approach to beauty, one that champions individual freedom and choice, has made Glossier’s direct relationship with its customers all the more powerful. This is already an iconic and era-defining beauty company, and we’re excited to play a role in bringing Glossier experiences and products to people everywhere.”
