Company to Scale Online and Offline Channels Globally as it Doubles Down on Direct to Consumer Model
New York, NY – July 7, 2021 – Glossier Inc., the digital-first beauty company, today announced that it has raised $80 million in Series E funding. Lone Pine Capital led the round, along with participation from existing investors Forerunner Ventures, Index Ventures, IVP, Sequoia Capital, and Thrive Capital. The fully direct to consumer business will continue to scale its online and offline channels globally as it builds the world’s #1 destination for beauty discovery.
“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.”
Founded in 2014, Glossier is on a mission to inspire everyone to find joy and confidence in their personal beauty style. Glossier’s 39 products—modern essentials spanning skincare, makeup, body and fragrance—are priced between $12 and $60. The company has more than 5 million customers globally and has become a household name across generations, especially with Gen Z and Millennials; two out of every five women between the ages of 18 and 34 in the United States have heard of Glossier. Despite closing all retail locations early in the pandemic, the company continued to grow in 2020 thanks to its deep investments in online discovery and shopping, with year-over-year sales increasing across all product categories.
Last month, Glossier announced that it would reopen its owned retail channel, starting with three all-new, permanent stores in Seattle, Los Angeles and London later this year. Known for immersive design and a people-centric approach to beauty discovery, the company’s retail locations build the 3D world of Glossier and foster meaningful connections with and between customers; in 2019, more than 1 million people visited Glossier’s two permanent and five temporary stores. Glossier will continue to scale its online and offline experiences, taking an e-commerce-first approach to entering new international markets, and deepening its presence through dozens of new stores planned for the United States and globally in the coming years.
“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.”