Goop to expand globally, looks to Europe for new markets
Goop has announced plans to expand globally with $50 million raised in Series C funding. Despite the fact that, until December, the site only shipped in the US, 35% of Goop's consumers are currently from other countries.
Goop plans to use the funding to expand e-commerce and shipping to Europe and create more experiential retail and marketing abroad. The ten-year-old American lifestyle brand only began shipping to Canada in December of last year.
Goop started as a website touting natural lifestyle products and routines endorsed by actress Gwyneth Paltrow. Over the past decade, it has grown to include a quarterly publication, a full assortment of clothing, footwear, accessories, beauty and personal care items aligned with the brand. Goop has hosted pop-up shops and a wellness summit, and has also moved into a permanent location in LA.
It recently kicked off a podcast series which featured Oprah as its first guest, an episode which the top download spot on iTunes. The company has big launches coming up for 2018, including a fourth fragrance and new skincare products. Goop also has the launch of a new home category in the pipeline.
The company's revenue has tripled over the past two years. Market sources estimate Goop's 2017 revenue to be $45 million and the brand is forecasting doubling revenue again in 2018, in part due to Goop-branded lines, the new home category and international expansion.
The recent Series C investment brings the total outside investment in Goop to $82 million, which began with family and friend funding. Goop secured $10 million in Series A funding in 2015 and $15 million in Series B funding in 2016.
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