Glossier, the practically four-year-old, direct-to-consumer magnificence firm, has landed $52 million in Sequence C funding in what it describes as a closely oversubscribed spherical. The financing was led by earlier traders IVP and Index Ventures.
The New York-based firm — which advanced out of the favored weblog Into the Gloss by founder and CEO Emily Weiss — started promoting its personal make-up on the outset however has extra lately added physique and perfume merchandise, too, bringing its complete variety of choices to 22. One of many firm’s hottest merchandise is a mascara-like eyebrow filler known as Boy Forehead. Amongst its latest: a strong model of its perfume, You.
The corporate says it launches one thing new each six weeks, on common, and that it spends numerous time engaged on its formulation. (A spokesperson tells us Glossier spent 15 months growing a brand new $24 exfoliant.) However Glossier is simply as well-known for brand-building and its capacity to develop client consciousness in a extremely crowded world magnificence trade that’s anticipated to develop from $433 billion right now to $750 billion by 2024, in accordance with one estimate.
The 150-person firm doesn’t disclosed its income numbers, but it surely tells us Glossier noticed 3 times as a lot income final yr as in 2016. It additionally opened places of work in London and Montreal, after quietly buying a small Canadian digital technique studio known as Dynamo. (Certainly one of Dynamo’s cofounders, Bryan Mahoney, is now Glossier’s CTO.)
And Glossier opened up a sixth-floor showroom in the identical SoHo constructing the place its places of work are positioned. Even with out a street-level window, it generates extra gross sales income per sq. foot than the typical Apple retailer, Weiss instructed New York Journal in a glowing cowl story about Glossier that ran final month. (The story additionally referred to Weiss because the “millennials’ Estée Lauder.”)
A lot of the corporate’s magic seems to be rooted in simplicity. As a substitute of providing 15 shades of lipstick, for instance, it tells its clients it has developed probably the most universally flattering purple lipstick with a view to make it easier for them to decide on a shade.
The corporate additionally prides itself on the quite a few methods it retains communication channels to its customers extensive open. Past its in style weblog, Glossier makes use of Instagram in addition to any model, and in late 2016, it started testing a consultant program to begin paying probably the most highly effective of its “Glossier Women” — previously unpaid model evangelists — which it says has grown tremendously.
The reps obtain advance discover of latest merchandise; they’re additionally usually requested to take part in suggestions periods, they’ve direct entry to Glossier’s staff, and they’re invited to and host their very own neighborhood occasions, in addition to discuss Glossier’s merchandise on social media. (Along with entry to Glossier goodies, they every have their very own touchdown pages on Glossier.com the place followers can study extra about them.)
Weiss spoke at an occasion hosted by this editor final yr, the place she famous that at the present time, not solely is the shopper at all times proper, however because of social media — whether or not it’s a product overview on Amazon or an Instagram put up — that buyer “has a microphone and he or she’s reaching 50, 500, 5,000 or 500,000 of her nearest and dearest mates and is ready to discuss her preferences.”
It’s why Glossier is so laser centered on “transparency” and “voice,” Weiss had defined.
“We wish to assume that at any time when we speak to [our customer] by means of captions on Instagram or by means of e mail or by means of copy on the positioning, that we’re writing textual content messages to a buddy.” For Glossier, “staying true to that voice has created numerous loyalty and belief with our clients.”
It apparently has Glossier’s traders feeling very loyal to the corporate, too. With its latest spherical, Glossier has now raised $86 million from them altogether.