Glossier announced on Wednesday that it has raised $80 million in Series E funding. The round – which was led by Lone Pine Capital with participation from existing investors Forerunner Ventures, Index Ventures, IVP, Sequoia Capital, and Thrive Capital – values the millennial-focused beauty company at $1.8 billion. In a newly-issued release, the 7-year-old company states that it will “continue to scale its online and offline channels globally as it builds the world’s number 1 destination for beauty discovery,” with founder Emily Weiss saying that “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.” And that is precisely “the future we have always been building for,” she noted.
The company will use a portion of the new funding to build out its physical footprint following the permanent closure of its brick-and-mortar outposts in light of the pandemic. Last month, Glossier announced that it is planning to open three new stores in Seattle, Los Angeles, and London later this year. Beyond that, Glossier revealed this week that while it will take “an e-commerce-first approach to entering new international markets,” it is will also “deepen its presence through dozens of new stores planned for the United States and globally in the coming years,” noting that in 2019, alone, more than 1 million people visited its two permanent and five temporary stores, a nod to its belief that retail locations have a hand in “building the 3D world of Glossier and fostering meaningful connections with and between customers.”
“Glossier is resonant across generations and geographies, not only for its products” – nearly 40 fragrance, body, makeup and skincare products that sell for between $12 and $60 – “but for the sense of connection and belonging the brand inspires,” Kelly Granat, Portfolio Manager at Lone Pine Capital, said on Wednesday. “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,” Granat further asserted. “We’re excited to play a role in bringing Glossier experiences and products to people everywhere.”
As for what Glossier could have in the works on the physical retail front, as TFL first reported in May, the buzzy beauty brand filed a handful of applications for registration with the U.S. Patent and Trademark Office for “Glossier Alley.” The proposed uses of the trademark, as cited in the applications that counsel for Glossier filed this spring: The “provision of food and drink, coffee shop, café, and restaurant services,” among other goods/services, such as “retail store services featuring cosmetics, [and] makeup,” “all-purpose carrying bags; clutches, shoulder bags, travel bags, [and] handbags;” and “apparel, clothing, footwear; hats; caps, scarves, [and] belts.”