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Glossier inks US$80 million in latest funding round to open physical stores

Digital-first beauty company Glossier announced that it has secured US$80 million in a Series E funding round, backed by a consortium of investors led by Lone Pine Capital.

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The cash injection was also made from existing investors Forerunner Ventures, Index Ventures, IVP, Sequoia Capital, and Thrive Capital. The New York-based Glossier said it would use the funding to scale its online and offline channels globally. Last month, the fully direct to consumer business announced the reopening of its physical store
locations with London, Seattle and Los Angeles stores opening in the winter and fall, respectively, of this year.

“When Glossier launched as a digitally native beauty company, we were an anomaly in our industry, which has been slow to innovate beyond brick and mortar,” said Emily Weiss, founder and CEO of Glossier.

The brand said it would continue its e-commerce-first approach to entering new international markets, and deepening its presence through dozens of new stores planned for the United States and globally in the coming years.

“Now, nearly seven years into Glossier’s journey, our strategy and the expectations of beauty consumers everywhere are aligned: beauty discovery increasingly begins online as people look for inspiration from friends and strangers alike, and customers want to
move fluidly between immersive and personalized e-commerce and retail experiences. This is the future we’ve always been building for,” added Weiss.

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Founded in 2014 by Weiss, Glossier has established a cult-following among Gen Z and Millennial beauty aficionados in the U.S. with some 39 skincare, makeup, body and fragrance items, priced between US$12 and US$60.