Glossier is now a tech unicorn, which translates as a privately held start-up companywith a current valuation of US$1 billion (more than £900 million) or more.
And it is more, in the millennial beauty brand’s case, as Glossier is now valued at over $1.2 billion (more than £900 million) after raising $100 million (£75,954,500) 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.
Instrumental in transforming the landscape of the beauty business, Glossier – with its distinctively Instagrammable aesthetic – took a direct-to-consumer approach for both product development and distribution, while recouping 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 (£759 million), and Kylie Cosmetics (founded by Kylie Jenner) with an estimated worth of $900 million (£684 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 criticism 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.
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