Good morning, Broadsheet readers! Women are noticeably absent from the C-suite of European banks, universities are unofficially prioritizing men in admissions to correct a widening gender gap, and author Marisa Meltzer shares the discrepancy that inspired her to write her new book Glossy: Ambition, Beauty, and the Inside Story of Emily Weiss’s Glossier. Have a lovely Tuesday!
– Behind the gloss. In 2021, I started writing a book about the beauty industry that became Glossy: Ambition, Beauty, and the Inside Story of Emily Weiss’s Glossier. Out today, my book tells the story of the rise of one of the 21st century’s most influential brands.
I got my first view of the business-book landscape before I started my reporting for this project. Glossier’s enigmatic founder Emily Weiss, whom I interviewed for a magazine story at her home in the summer of 2019, had seemingly read every business book in existence. In her living room, she had copies of Bad Blood about Theranos founder Elizabeth Holmes and Principles by Ray Dalio, the founder of Bridgewater; two separate hardcovers of Angela Duckworth’s Grit; Small Fry, the memoir by Steve Jobs’s daughter Lisa Brennan-Jobs; The Everything Store, about Amazon; and Powerhouse on the Hollywood talent agency CAA.
When I left her home, I walked directly to a bookstore in search of well-known startup stories about women-led companies. There had to be something out there, but I came up short. There were scant biographies about founders of beauty companies born in the early 20th century like Estée Lauder and a handful of books that were more about self-help, like Sheryl Sandberg’s Lean In, but the gender disparity was startling. There was almost nothing about women CEOs in tech, let alone those like Weiss whose career touched on myriad industries and facets of culture. Weiss was a player who understood the game when it came to image and the CEO, so she must have encountered the same lack of stories about women that I did. There was no one like her.
The gender imbalance was also wildly apparent in who writes books about figures in business. A sea of men!
I knew that I could be the one to create a balanced view of Weiss and all that her company has innovated without sugarcoating her flaws. I have been reporting on beauty for nearly two decades. Glossier’s story—her story—was important to tell, and I was determined to write about it. I started working on a book idea a few months later.
Glossier changed everything after it debuted in 2014, from where and how products are sold to the kinds of emotional and social messages promoted—the intangible products—alongside skincare and makeup. Glossier’s influence far exceeds beauty. The company was at the center of so many issues that defined the era: racial reckoning, the labor movement, pandemic shutdowns, supply chain problems, and female founders falling (or being pushed?) from grace.
Apart from Glossier itself as an exceptional business story, I was also fascinated by the sheer power of beauty, an industry that generates more than $500 billion globally every year. And the sector is still growing; some predict it will reach $800 billion sometime this decade. In the United States, we spend more on beauty than in any other country. Do you know what Dior sells a lot more of than dresses or even handbags? Diorshow mascara, which retails for $29.50.
That’s another reason why Glossier’s influence far exceeds its size—estimated sales of $275 million—nine years into its existence.
Glossy: Ambition, Beauty, and the Inside Story of Emily Weiss’s Glossier is on sale today.
Marisa Meltzer
@marisameltzer
The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Joseph Abrams. Subscribe here.
ALSO IN THE HEADLINES
- Robbed of bank spots. Only four European banks had female CEOs in 2022, according to a new report, and women only held 23% of C-suite roles at those banks last year. The percentage of women on bank board seats, however, jumped slightly from 36% in 2021 to 38% in 2022. Bloomberg
- Affirmative action for men? Universities are unofficially prioritizing men in admissions as they try to close campuses' widening gender gaps. Many schools are worried that too many students of the same gender will turn off all applicants. New York Times
- Trust factor. Billionaire philanthropist MacKenzie Scott has come to San Francisco's aid with a $20 million donation to the San Francisco Community Land Trust. The nonprofit said that Scott’s donation, which adds to the $97 million she’s already donated to various nonprofits this year, will be put toward the trust’s mission to create “permanently affordable, resident-owned housing for low- and moderate-income people.” Fortune
- Irish exit. Francesca McDonagh, once the chief executive of the Bank of Ireland, is leaving her position as chief operations officer at Credit Suisse. Sources say she has accepted a chief executive role at another company and will begin her tenure in January. Financial Times
- Picket line pressure. Two audience members of The Drew Barrymore Show were asked to leave the set for wearing Writers Guild of America pins just one day after the actress and host announced the show would return without any WGA writers. The audience members who were asked to leave were given WGA pins from strikers outside the show’s studio; among them were three Drew Barrymore Show writers. Spokespeople for the show have not yet responded to the incident. Hollywood Reporter
ON MY RADAR
The 9/11 speech that was never delivered The Atlantic
Bethenny Frankel’s reality TV union is easier said than done Vox
Why can't our friendship survive your baby? The Cut
PARTING WORDS
“My biggest fear is the same as my biggest hope, that I am seen.”
—Singer, rapper, and actress Erykah Badu on her path and what scares her
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