According to Eurweb, the makeup line became the top earner in the beauty business after receiving a $60 million minority investment from Eurazeo Brands, a multinational firm.
This investment is what led the beauty brand to be valued at more than $1 billion, as reported by Women’s Wear Daily.
“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. I am thrilled to be working with the unique and expert team at Eurazeo Brands,” Pat said in a press release.
“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,” said Jill Granoff, CEO of Eurazeo Brands, via a press release. “We’re excited to combine our experience of building global beauty and fashion brands with Pat and her team’s unmatched creativity and passion.”
Recently, Forbes dedicated its most recent cover to Kylie Jenner, in honor of her brand Kylie Cosmetics, which is valued at $800 million, according to Kris Jenner, making her the youngest self-made billionaire ever, but the claim was received with skepticism on social media. How could you compare someone who worked their way up in the industry for the last 30 years to someone who launched a lip kit line to her 100 million followers after being on a reality show for a decade?
Right now, Pat McGrath Labs is set to surpass $60 million in retail sales alone this year. The cosmetics line started in 2015 with a $40 product called Gold 001, a gold pigment that came in a bag full of sequins, and it sold out all 1,000 units in just six minutes. After that came other products such as Skin Fetish 003, a highlighting kit, and Lust 004, a lip kit. A permanent collection debuted in 2017 with lipsticks, lip liners, eyeliners, mascara, and eyeshadows. The most recent launch was the Lip Fetish Astrals, a glowing update of the Lip Fetish Lip Balm.
All of Pat McGrath Labs products are available on her official website and at Sephora and Sephora.com. The British makeup artist /Beauty maven is inspired by her own work for runway shows, including Versace, Balenciaga, Gucci and her time as the global creative-design director for Max Factor and Cover Girl.
YOU MAY ALSO LIKE: