Glossier has raised $100 million in a Series D funding round led by Sequoia Capital, with the direct-to-consumer beauty company now valued at $1.2 billion, according to a Wall Street Journal report. In 2018, Glossier generated more than $100 million in revenue, largely by selling unisex skincare, makeup and fragrance merchandise.
In February 2018, the beauty brand secured $52 million in Series C funding to boost total funding to $86 million, achieving a valuation of $390 million. Of the roughly 130 VC-backed “unicorn” companies (those valued above $1 billion) in the U.S., only 14 have a female co-founder, putting Glossier in rare company, according to a 2018 PitchBook report.
Emily Weiss, CEO and Founder of Glossier, would not confirm or deny whether the company will seek an IPO. “We are certainly in a position where…we are able to do that,” Weiss told the Journal, but she declined to discuss potential IPO dates or other specifics.
Glossier isn’t the first online beauty brand to fetch a $1 billion price tag, and similar companies have often turned to acquisitions for their next step. For example, IT Cosmetics sold for $1.2 billion to L’Oréal SA, while Estée Lauder acquired Too Faced for $1.45 billion.
Weiss founded Glossier in 2010 as a beauty blog, Into The Gloss, which now has two million monthly unique visitors and shares beauty tips and interviews with celebrities and fashion influencers. As the blog gained a large following, Weiss brought on company co-founders and moved to sell skincare essentials in sleek, minimalist packaging. Glossier now has 1.9 million followers on Instagram.
Over the years, Weiss expanded Glossier into additional product categories, including fragrance, before branching into brick-and-mortar stores. The company has two permanent retail locations, in New York and Los Angeles. The retailer plans to open five temporary stores in U.S. cities, including Miami, as well as London, later in 2019.
Glossier also announced the hiring of Vanessa Wittman as CFO. Wittman was previously CFO at Oath Inc., Dropbox and Motorola Mobility. She succeeds Henry Davis, who served as CFO and President and left Glossier after more than four years as an executive in December.