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BLOOMBERG
Glossier, the Gen Z-focussed beauty brand trying to rebound from a tumultuous period, has revamped its executive ranks and is moving further beyond its direct-to-consumer roots.
The New York-based company is making several pushes to strengthen its business: announcing product launches every four to six weeks, expanding its physical brick-and-mortar footprint to 600 Sephora stores and positioning itself for a global expansion.
Glossier expects retail sales to reach $275 million in 2023, according to a person familiar with the matter, who asked not to be identified discussing private details.
The company is emerging from a shaky 2022. It cut more than a third of its workforce and founder Emily Weiss stepped down as chief executive officer.
That came as sales through its own website and stores slowed down, according to Bloomberg Second Measure.
To reignite growth, Kyle Leahy, a veteran of Nike Inc, American Express and Cole Haan, has expanded Glossier’s distribution beyond exclusively online channels since taking the helm as CEO.
Glossier was valued at $1.8 billion in July 2021, the last time the business raised money from investors, according to researcher PitchBook.