Glossier

How it happened

Glossier is a digitally native beauty brand that reached a roughly $1.8B valuation in a 2021 funding round after building a strong direct-to-consumer following. Following layoffs and a strategic shift toward wholesale (including Sephora), third-party estimates (via PitchBook) marked it down to a fallen-unicorn level, with reports it was raising at a sub-$1B valuation (~-50% from peak).