In her new book, 'Glossy,' Marisa Meltzer unpacks the rise of fall of Glossier's Emily Weiss.
. It's nice to have you! In September, we're reading Marisa Meltzer's, a fascinating exposé on the inner workings of the billion-dollar beauty brand Glossier and its notorious founder, Emily Weiss. Read an excerpt from the book below, then find out how to participate.
Venture capitalists were a much harder sell. She met with a dozen potential financiers and it was all becoming something of a routine for Weiss. After giving her pitch in a conference room or a coffee shop about the community they had built at Into the Gloss, how she understood that they deserved a better brand, and that the beauty industry was huge and ripe for disruption, she would end by handing out products.
The company was successful on paper, raising nearly 300 million in venture capital funding and achieving a billion-dollar valuation less than 5 years after Glossier came out with their first products. The brand was tied in with a change in distribution, the mass proliferation of direct-to-consumer brands, the change in products from things we buy to signifiers of personal values. Plus they made dewy skin selfies on Instagam de rigueur.
The company might no longer be a unicorn. Lone Pine, the venture capital firm that had led Glossier’s Series E round of funding in 2021, has to provide end-of-year valuations for the companies it invests in. For Glossier, a private company, Lone Pine must make an estimate. As reported in Bloomberg in early 2023, For 2022, the firm’s valuation of Glossier was marked down more than 30 percent since the last round.
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