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Companies & industry

Glossier to expand further, following new fundraising

Glossier shows no signs of slowing down in its quest for global domination. The cult beauty company has announced that it has successfully raised $100 million in Series D funding to expand even further, following investment from Sequoia Capital, Tiger Global Management, Spark Capital, and existing investors Forerunner Ventures, Thrive Capital, IVP, and Index Ventures. The brand has also appointed a new Chief Financial Officer, in the form of the technology industry veteran Vanessa Wittman.

"We are building an entirely new kind of beauty company: one that owns the distribution channel and makes customers our stakeholders," said Founder and CEO of Glossier Emily 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."

Body Hero Duo by Glossier - Photo: © Courtesy of Glossier

Body Hero Duo by Glossier - Photo: © Courtesy of Glossier

"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," added Michael Abramson, Partner at Sequoia.

The move is the latest major milestone for the brand, which was founded in 2014 and went on to achieve rapid global success, quickly carving out a stellar reputation for effective skincare solutions with simple marketing and minimalist packaging. In 2018 the company - which now operates in the US, Canada, the UK, the Republic of Ireland, France, Denmark, and Sweden - saw its revenue surpass the $100 million mark, having raised $52 million in Series C fundraising last February. And earlier this month, the brand diversified significantly by unveiling ‘Glossier Play,’ a color cosmetics line that was two years in the making. Last year also saw the company open a permanent bricks-and-mortar store in LA as well as a New York flagship.

AFP/Relaxnews

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