Glossier is now a unicorn.
The New York-based beauty brand is now valued at $ 1.2 billion following its latest funding round, according to a source close to the deal.
Glossier’s $ 100 million funding round was led by Sequoia Capital. It also included new investors Tiger Global Management and Spark Capital, as well as existing investors such as Forerunner Ventures and Thrive Capital.
Glossier’s annual revenue more than doubled in 2018 and topped $ 100 million, according to the company.
He also announced on Tuesday that Vanessa Wittman would join her as the new CFO. Wittman was previously the CFO of Oath and Dropbox (DBX).
Asked by the Wall Street Journal on Tuesday Regarding the initial public offering plans, Glossier CEO and Founder Emily Weiss said, “We are certainly in a position whereâ¦ we are able to do this,” but declined to provide further details.
In 2010, Weiss started a popular blog called “Into the Gloss” with beauty tips, trends, and tutorials. She used it to launch the beauty and skincare brand Glossier four years later, which offers simple and affordable products.
Emiliano Granado / Redux
Emily Weiss, Founder and CEO of Glossier.
Glossier has since gained a cult following with nearly 2 million Instagram followers. Weiss was credited being particularly effective at using social media to reach customers.
In 2017, Weiss told CNN she realized she could use social media to speak directly to clients and create something that meets their needs.
âWomen are in charge,â she says. âThey are in charge of their routines, and they can find all the information they need from their friends or other women around the world and online. ”
Glossier’s two brick-and-mortar stores are full of Instagram-friendly decors throughout the space, which encourage visitors to take photos and share them on social media.
âIt’s a really smart way to get your consumers to become your advertisers and generate word of mouth recommendations, which is always such a powerful part of getting someone to buy your products,â said Jane Fisher. , Vice President of Specialty Retail and Sportswear at Research. Gartner company L2.