After decades of being one of the most in-demand makeup artists, Pat McGrath is hitting a new career milestone. On Monday, New York City-based investment firm Eurazeo Brands announced that it had struck a US $60 million deal to become a minority shareholder in Pat McGrath Labs, the eponymous beauty empire founded by the makeup legend in 2016. The investment brings the company’s external funding to $88 million and overall valuation to a whopping $1 billion, surpassing Kylie Cosmetics, which is valued at $800 million according to estimation by Forbes Magazine. As she does with all major new product releases, McGrath took to her Instagram account to tease the exciting news.
The makeup mogul – commonly known as “Mother” in the fashion community – shared an image of a note immersed in gold sequins addressed to the Pat McGrath Labs team, that read: “I am so thrilled to be sharing some major news with you. Today, I am proud to announce that we’ve secured a significant next stage investment into the continued growth of Pat McGrath Labs.”
McGrath, who is celebrated as one of the world’s most influential makeup artists, debuted her first product, the Gold 001 pigment, at Prada’s Spring 2016 show, which immediately sold out. She then went on to develop a near complete makeup line, starting with the Lust 004 lip kit, which first appeared as ruby, glitter-pressed pouts on supermodels Karen Elson, Mariacarla Boscono, Taylor Hill, and Bella Hadid at Atelier Versace’s Fall 2016 runway. Today, Pat McGrath Labs comprises glittering lip kits, mixing liquids, metallic highlighters, lipsticks, and eyeshadows, all buried inside a bag filled to the brim with sparkling couture sequins. The highly-coveted formulas are available on patmcgrath.com and Sephora stores.
“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,” said McGrath in a statement via press release. “I am thrilled to be working with the unique and expert team at Eurazeo Brands.”
Echoing on her statement, Jill Granoff, CEO of Eurazeo Brands, adds: “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.”