Glossier’s Success, Nothing to Gloss Over
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What is Glossier’s formula for success? That is the $52 million-dollar question for industry watchers after the beauty upstart closed its recent round of funding. Slice Intelligence data reveals some answers--most notably that Glossier’s revenue increased by 99.1 percent in the last year, as the buzzy Millennial brand attracted an 86.7 percent increase in buyers over the same period. Not too shabby for a company that started with only four products in their beauty arsenal.
Glossier’s success not just in the eye of the beholder
Glossier just raised $52 million in a Series C round, reaching a grand total of $86 million in funding. A sizeable chunk of change to further grow a customer-centric beauty empire. Founder and CEO, Emily Weiss, is one of the beauty industry’s biggest disruptors -- from product development to company focus, Glossier has a unique perspective and has left a lasting [beauty] mark.
Millennial pink is the new black
Unsurprisingly, millennials purchase more Glossier products than any other age group -- accounting for more than half of their sales. Millennials comprise 50.5 percent of Glossier buyers, compared with 33.2 percent of makeup and skincare buyers for all other brands.
Glossier buyers are true to the brand
On average, Glossier buyers spent $173.01 with the company in the last year. The average spend per buyer has increased since the previous period, which was $166.49.
Slice Intelligence data shows that Glossier buyers spent $233.48 in total on cosmetic items outside of the brand in the last year, and the average shopper made 1.7 orders--which is 38 percent of their skincare and cosmetic orders. The total annual spend and buying rate are notable, considering Glossier’s product offering is minimal -- less than 35 products in total with the average price per product between $12 - $30.
About the data
With a panel of over 5.5 million online shoppers, Slice Intelligence gives the most detailed, and accurate digital commerce data available, and is reported daily.
Slice Intelligence is the only service to measure digital commerce directly from the consumer, across all retailers, at the item level, and over time. Our retailer-independent methodology precisely measures commerce as it happens. By extracting detailed information from hundreds of millions of aggregated and anonymized e-receipts, Slice can map the entire Purchase Graph, connecting each and every consumer to all their purchases.
Slice gets its data from e-receipts – not a browser, app or software installed by the end-user – so its measurement reflects comprehensive shopping behavior across multiple devices, over time, which are key in an increasingly omnichannel retail world. Slice Intelligence is the exclusive e-commerce data provider for NPD’s Checkout Tracking e-commerce service.