The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Seun Sodipo, who was previously the head of product finance and strategy at Stripe, will take over as chief financial officer at the digitally focused beauty retailer next spring, Glossier said Tuesday. Sodipo will take over from Vanessa Wittman, who has served in the role since 2019 and is retiring.
In addition, Glossier hired Kyle Leahy as chief commercial officer from Cole Hahn, and Kristy Maynes was named senior vice president of retail, coming from Lululemon. In July, Glossier announced an $80 million Series E fundraising round that valued the company at $1.8 billion. The company has raised $266 million in total.
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Glossier Raises $80 Million Series E, Valuing Company at $1.8 Billion
The direct-to-consumer beauty brand ramped up its operations in the last month ahead of its reentry into physical retail.
By selling existing formulas under their own name, retailers can tap into the lucrative beauty market without investing in custom formulations. But that doesn’t mean the private label model is an easy win.
The San Francisco-based company is hoping to tap growing consumer demand for financing for cosmetic treatments among other services.
Once thought of as long-term disruptors who would change the way we shop forever, multi-brand online retailers that sell cosmetics, skincare, fragrance and more are facing multiple headwinds.
Prestige makeup is fashion’s category expansion du jour. But even the market’s most powerful players could learn a thing or two from its celebrity-backed competition.