Pat McGrath has been a force within the beauty industry for more than 20 years. In fact, Vogue editor-in-chief Anna Wintour has referred to her as “the most influential makeup artist in the world.” McGrath has taken that influence to the bank: On Monday, her eponymous cosmetics company was valued at $1 billion.
Pat McGrath Labs was launched in 2016 and has become a popular staple at Sephora. The company’s makeup sales have reached top-selling SKU status within two years. Its social media presence of 30 billion impressions is known to start new beauty trends.
The line is also very inclusive and has been seen on runways and red carpets.
According to Fashionista, Pat McGrath Labs signed a $60 million deal with New York City-based Eurazeo Brands, making it a minority shareholder. The investment allowed the external funding of the company to reach $88 million and increased the total valuation of the brand to $1 billion. The makeup company is projected to bring in approximately $60 million in sales by the end of 2018.
The news brought in comparisons from several critics because Forbes recently valued Kylie Jenner’s brand, Kylie Cosmetics, at $800 million and reported she was on track to become a “self-made” billionaire in the beauty industry.
“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.”
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Christina Santi is a news and culture writer for EBONY.com. Born and raised in the Bronx, New York, she considers herself a well-read, not so traditional feminist with a heavy interest in music, fashion and pop culture. Christina currently lives in New York City, where she refers to her Cuban & Jamaican descent often while writing about her experiences as a first-generation Afro-Latinx in America. She also devotes time writing personalized reading material for her tutees and turning ideas into words for streetwear brand, PUER By Noel Bronson.