Thanks to a new $100 million funding round led by Sequoia Capital, Glossier is a unicorn and an all-around DTC success story. But despite its success, it’s still following a playbook that has yet to be proven and is in danger of running into potential pitfalls.

Firstly, big valuations don’t guarantee big returns. Glossier, to date, has raised $186.4 million in five rounds of investment funding and doubled revenue in 2018 to reach $100 million a year. It is unclear whether it is profitable, although founder Emily Weiss told the Wall Street Journal this week that the company was in a position where it could go public.

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