Glossier is reportedly fundraising again, aiming to raise $100 million with a valuation “south of a billion dollars,” according to Puck. 

Glossier, still one of the more popular beauty brands, was last valued at $1.8 billion nearly four years ago but has struggled with profitability and scale these past few years. Glossier did not immediately respond to our request for comment. 

Sources who spoke to Puck stressed that Glossier doesn’t necessarily need the money, but had a desire for new consumer-oriented investors and a refreshed board. That, and the direct-to-consumer market is much different than when it struck its valuation all those years ago, back when investors were still throwing money at the walls. 

Right now, investors in the brand include everyone from Forerunner to Sequoia, Thrive, and Index, per Puck and Pitchbook.