Recently, Katrina Lake, the CEO of Stich Fix (SFIX - Free Report) , joined the board of growing beauty products company Glossier as their first independent director. This new addition to the team is a big one for the company, seeing as Lake’s success is valued by many.
In November 2017, Stich Fix went public, raising $120 million to help with future growth. Stitch Fix is an online subscription and personal shopping service and the reason why it was so important that it went public was because it was the first female led tech IPO. Lake has built an impressive company with more than $1 billion in revenue on $42 million in venture capital. Her company is valued at more than $2.7 billion.
According to Fortune, venture capitalists have referred to the Stitch Fix IPO as a “step forward” for many women entrepreneurs.
Glossier and Stitch Fix Join Forces
With Lake joining Glossier’s team, we can only see potential for success here. Glossier is a company that has been growing throughout the years. In February 2018, Glossier received $52 million in Series C funding, bringing its total funding to $86 million. Glossier has received more than a million views on its Facebook (FB - Free Report) page since it was first launched, as well as experiencing 600% year-over-year growth from 2015-2016. Since the launch of the company in 2014, Weiss has introduced 26 products, with the amount still growing.
Glossier and Stitch Fix were listed as some of the most disruptive companies as part of LinkedIn’s (MSFT - Free Report) Top Companies list. Weiss is excited to have Lake on their team, seeing as she has always been inspired and impressed by her and the way she operates her company.
Although still two separate companies, the addition of Lake to the team and her expertise could lead Glossier to become even more successful and allow for further growth. Currently, SFIX is a #2 (Buy) on the Zacks Rank, with a VGM score of ‘C’. The stock closed up 3% to $28.46 per share today.
Since Glossier is so popular amongst younger generations, it’s a company investors should want to keep their out for a potential IPO. With Lake on the team, investors will be more aware of Glossier, seeing as both Lake and Weiss have been successful in their respective industries.
The Future of Glossier
Even though Glossier’s revenues aren’t in the billions like other beauty companies such as L’Oréal (LRLCY - Free Report) or Estee Lauder (EL - Free Report) , it still has made a name for itself in the market. Weiss does a commendable job creating products that are what her consumers want and looking to purchase. With these two CEOs on the board of directors, we can only expect good things from this company and eventually look towards an IPO in the future.
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