Glossier valued at $1.2 billion following $100 million funding round; names new CFO
Investors continue to pour money into Glossier Inc., which announced on Tuesday that it has raised $100 million in a Series D funding round led by Sequoia Capital.
In 2018, the company met a different multi-million-dollar benchmark when its direct-to-consumer business exceeded $100 million, and its annual revenue more than doubled. If that weren't enough evidence of the company's meteoric rise, The Wall Street Journal has reported that Glossier is currently worth a whopping $1.2 billion.
According to the beauty company – a favorite among millennials – Glossier will use the new funds to continue to build its business, a plan that has already gained momentum with the launch of Glossier Play earlier this month, marking the company's first cosmetics label outside of its core Glossier line.
As the company continues to see success, Glossier founder and CEO Emily Weiss commented in a release that the company's future growth depends on its close connection with its audience.
"We are building an entirely new kind of beauty company: one that owns the distribution channel and makes customers our stakeholders," said Weiss, who launched Glossier in 2014. "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."
In addition to the completion of its funding round, Glossier also announced the appointment of Vanessa Wittman to the role of chief financial officer.
Prior to joining the beauty company, Wittman held CFO roles at Oath, Dropbox, Motorola Mobility and Marsh & McLennan.
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