Glossier, the almost 4-year-vintage, direct-to-customer beauty agency, has landed $52 million in Series C investment in what it describes as a heavily oversubscribed round. The financing became led through in advance investors IVP and Index Ventures. The New York-based business enterprise — which advanced out of the famous blog Into the Gloss by using founder and CEO Emily Weiss — began promoting its makeup at the outset. However, it has extra currently brought body and perfume products, bringing its total variety of offerings to 22. One of the organization’s top famous products is a mascara-like eyebrow filler called Boy Brow. Among its latest: a stable version of its fragrance, You.
The business enterprise says it launches something new every six weeks, on average, and that it spends a whole lot of time working on its formulas. (A spokesperson tells us Glossier spent 15 months growing a new $24 exfoliant.) But Glossier is just as famous for emblem-building and its capacity to develop purchaser cognizance in an enormously crowded global splendor industry that’s anticipated to expand from $433 billion today to $750 billion using 2024, in line with one estimate.
The one hundred fifty-character organization doesn’t disclose its revenue numbers. However, it tells us Glossier noticed three times as much revenue last year as in 2016. It opened workplaces in London and Montreal after quietly acquiring a small Canadian virtual approach studio referred to as Dynamo. (One of Dynamo’s co-founders, Bryan Mahoney, is now Glossier’s CTO.)
And Glossier spread out a sixth-floor showroom inside the identical SoHo constructing in its places of work. Even without a street-stage window, it generates extra income revenue in keeping with rectangular foot than the average Apple store. Weiss informed New York Magazine in a glowing cover tale about Glossier that ran ultimate month. (The story additionally cited Weiss because of the “millennials’ Estée Lauder.”)
Much of the agency’s magic appears to be rooted in simplicity. Instead of providing 15 sunglasses of lipstick, as an example, it tells its customers it has developed the most universally flattering pink lipstick to make it less complicated for them to pick out a shade.
The agency additionally prides itself on the numerous approaches it keeps communique channels to its clients substantial open. Beyond its popular blog, Glossier uses Instagram in addition to any brand. In overdue 2016, it started testing a representative program to begin paying the maximum efficiency of its “Glossier Girls” — formerly unpaid emblem evangelists — which it says has grown surprisingly.