Pat McGrath, the mother of all beauty innovators and runway makeup, launched her own makeup line in 2016, after decades of work as one of fashion’s most successful and in-demand, and most inventive. Pat McGrath Labs, her eponymous makeup line, has now been valued at an estimated $1 billion, neatly edging out America’s other cosmetics empress, Kylie Jenner.
As Fashionista reports, New York City–based Eurazeo Brands announced on Monday that they had signed a $60 million deal to become a minority shareholder in Pat McGrath Labs. The influx of cash means the company’s external funding has jumped to $88 million. According to Fashionista, industry sources estimate that the investment brings the company’s valuation to more than $1 billion. (For the record, Kylie Jenner’s brand Kylie Cosmetics is valued at $800 million.) Pat McGrath Labs is also expected to bring in a whopping $60 million in sales in 2018, according to WWD.
“It has always been my dream to create an iconic beauty brand that goes beyond the usual limitations, that lives outside the parameters of what is expected,” McGrath said of the funding deal in a press release. “I am thrilled to be working with the unique and expert team at Eurazeo Brands.”
Jill Granoff, CEO of Eurazeo Brands, echoed Pat’s sentiments: “We are honored to be working with Pat, whose vision, talent, and trailblazing history in the beauty industry have set Pat McGrath Labs up to be one of the most authentic and innovative makeup brands to ever come to market. We’re excited to combine our experience of building global beauty and fashion brands with Pat and her team’s unmatched creativity and passion.”
Next up for Pat? In her statement, the legendary makeup artist described the next steps for the company as a continuation of her brand’s “incredible trajectory.” That includes expanding into 90 IRL Sephora stores (they’re currently in 54), continuing to release merch, and staying focused on their surprise “product drop” strategy.
Culled from Teen Vogue.