admin Glossier, the New York-based beauty brand is now valued at $1.2 billion following its latest funding round, according to the sources.
Glossier’s $100 million funding round was headed by Sequoia Capital. It also included new investors Tiger Global Management and Spark Capital, as well as existing investors like Forerunner Ventures and Thrive Capital.
Glossier’s annual revenue more than doubled in 2018 and surpassed $100 million, according to the company.
It also declared that Vanessa Wittman would join as its new chief financial officer. Wittman was the earlier CFO of Oath and Dropbox (DBX).
“We are certainly in a position where … we are able to do that,” stated Glossier CEO and founder Emily Weiss.
Glossier has since 2010, attracted a cult-like following with nearly 2 million followers on Instagram. Weiss has been credited with being especially effective at using social media to reach customers.
In 2017, Weiss informed CNN she realized she could use social media to talk to customers directly and create something that suited their needs.
“Women are in the driver’s seat,” she stated. “They are in charge of their routines, and they can find all the information they need from their friends or from other women in the world and online.”
Glossier’s two brick-and-mortar stores are full of Instagram-friendly decor throughout the space, which encourage visitors to take photos and share them on social media.
Jane Fisher, vice president of specialty retail and activewear at research firm L2 said, “It’s a really smart way to get your consumers to be your advertisers and generate word of mouth recommendations, which is still such a powerful part of getting someone to buy your products.”
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