Ever try flying a kite in a hurricane. Even by accident because you didn’t know it was coming?
Ever try catching lightening in a bottle before it came anywhere close to you.
Ever try asking a baby not to cry? Well it’s just impossible.
If you tried any of those things, then you probably know what it is like to be a retailer trying to predict the trends of teen fashion.
It’s just impossible. Most of the time.
Many retailers already know that.
Delia’s, Wet Seal, Arden B, American Apparel, Payless Shoe Source, Ruehl No.925, Gilly Hicks, The Limited, Avenue, Deb Shops, Anchor Blue, Martin + Osa, Robert Cavalli, A’gaci and others all have something in common.
They are retailers who tried to read the teenage tea leaves and have essentially dried up.
Still, retailer after retailer persist in trying. Given the billions of dollars at stake, we can understand their persistence.
Some seem to be having great success in their quest. One such retailer is Glossier.
As shared by the global news giant cnbc.com on January 6, 2019, “Direct-to-consumer beauty brand Glossier was founded by Emily Weiss in 2014 and has already raised more than $86 million. Weiss recently told Bloomberg her business would surpass $100 million in revenue in 2018. Glossier also late last year finished remodeling its flagship store in New York’s SoHo neighborhood.”
That highly sought after location often draws multitudes of eager shoppers who line the sidewalk. It is a sight to see.
Whether it is tea leaves or a crystal ball, whatever Glossier is doing, thus far they are very effective at it. What is their philosophy?
At their intriguing site www.glossier.com they smile, “Glossier is a new approach to beauty. It’s about fun and freedom and being OK with yourself today. We make intuitive, uncomplicated products designed to live with you. Our skincare essentials are designed to make you look and feel your glowy, dewy best before you even think about makeup. Products that give you options but never cover you up, turn you into someone else, or over-complicate your routine. Because beauty should make you feel good.”
And just when we thought there was nothing new under the fashion sun, Glossier is a pleasant innovative surprise.
Refreshing too. Glossier is primarily sold online. Certainly decreases the overhead.
“Exploration is the engine that drives innovation. Innovation drives economic growth. So let’s all go exploring.”… Edith Widder
They are continuing to catch the watchful eye of the financial community. The informative team at businessinsider.com speaks to Glossier’s innovation, “The flagship is Glossier’s second and largest permanent shop, as it already operates a storefront in Los Angeles. The interior is decorated with flowers and over-the-top displays, and employees wear bubblegum pink jumpsuits. The products in store aren’t on shelves, but instead on communal tables with mirrors set up for shoppers to test the products. There’s even a room with sinks and cleansers so that shoppers can wash off makeup they tested and try out more.”
We love their style.
All of this growth and success takes making and raising massive amounts of money and the leadership at Glossier seem to be very adept at doing just that.
Please read on.
Glossier Inc. Raises $100 Million to Build the Future Beauty Company
Vanessa Wittman Joining as Chief Financial Officer
NEW YORK, March 19, 2019 /PRNewswire/ — Glossier Inc. today announced that it has raised $100 million in Series D funding to build the future beauty company in collaboration with its customers. Sequoia Capital led the round, along with participation from Tiger Global Management, Spark Capital, and existing investors Forerunner Ventures, Thrive Capital, IVP, and Index Ventures. The company also announced that technology industry veteran Vanessa Wittman will be joining as its Chief Financial Officer.
“We are building an entirely new kind of beauty company: one that owns the distribution channel and makes customers our stakeholders,” said Emily Weiss, Founder and CEO of Glossier. “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.”
Founded in 2014, Glossier now has more than 200 employees across three offices, and operates in the United States, Canada, the United Kingdom, the Republic of Ireland, France, Denmark, and Sweden. The company’s annual revenue more than doubled in 2018 and surpassed $100 million as a fully direct-to-consumer business, while introducing more than 1 million new customers to its portfolio of modern beauty and skincare essentials. Earlier this month, Glossier launched a second brand, Glossier Play, as part of a broader strategy to grow by offering more choices to its diverse community.
Glossier continues to build out its leadership team for this next phase of growth, welcoming Vanessa Wittman as its Chief Financial Officer. Wittman has held CFO roles at Oath, Dropbox, Motorola Mobility, and Marsh & McLennan. Edith Chen and Nick DeAngelo also recently joined Glossier as Vice President of Supply Chain Operations and Vice President of Operations, respectively. Chen most recently had full P&L responsibility for LF Beauty, a Li & Fung Group company, in the United States and the Americas. DeAngelo was one of the first employees at Jet.com, where he led supply chain and fulfillment for five years, through the company’s acquisition by Walmart.
“Glossier has built an exceptional brand and relationship with its customers, and its business fundamentals are equally impressive,” said Michael Abramson, Partner at Sequoia. “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.”
“Beauty consumers increasingly want to interact with brands and purchase products online: by 2024, online beauty sales are expected to reach $120 billion globally,” said Megan Quinn, General Partner at Spark Capital. “The industry’s conglomerates are ill-equipped to retrofit their businesses to this new reality. With its digital-first DNA and enthusiasm for meeting consumers where they are, we believe Glossier is the defining company of this new channel.”
SOURCE Glossier Inc.
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Opening photo via Forbes Magazine