The brand is taking the cosmetics and fashion world by storm and is also set to expand to UK, which has been a much-awaited move.
Earlier this month, Kylie Jenner officially became the world's youngest 'self-made' billionaire - which is largely due to her highly sought-after and lucrative beauty business, Kylie Cosmetics.
According to Harpers Bazaar, it has an estimated worth of $900 million. However, Pat McGrath Labs is speculated to have surpassed that mark - with its valuation reaching up to $1 billion after its recent deal.
Fashionista reports that the Pat McGrath Labs, the cosmetics company launched by the illustrious makeup artist, hit a major financial milestone. Last week's Monday saw the New York City-based investment firm Eurazeo Brands announce that it had struck a $60 million deal to become a minority shareholder in the company.
While the specific terms of the deal were not disclosed, industry sources estimate that Eurazeo took a 5 to 8 percent stake in the company, putting its full valuation at more than $1 billion, according to a report by WWD, which also projects that the brand will bring in more than $60 million in sales for 2018.
According to a biography on her website, McGrath has created makeup looks in scores of fashion and couture shows in the major fashion meccas of the world, including Milan, Paris, London, and New York.
She has worked with high-profile designers such as Dolce & Gabbana, Givenchy, Gucci, and Versace. Meanwhile, Vogue Editor-in-Chief Anna Wintour called McGrath, “the most influential makeup artist in the world.”
On this day, we honor @PatMcGrathReal, Makeup Artist, Beauty Mogul, and Fashion Favorite.— CFDA (@CFDA) 8 February 2019
Pat McGrath Labs, founded by the esteemed black British makeup artist of the same name, has become a staple brand in Sephora’s North American stores since its launch in 2016. And it has also gone onto reach the top SKU status, reportedly attracting 30 billion social media impressions since its debut.
There has been some speculation in the industry as to what the next step, business-wise, would be for the fledgling hit, but for McGrath, the objective of her line has remained constant.
"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."
Pat McGrath Labs launched in 2015 with a single product, the same year that Jenner launched her Kylie Lip Kits which initiated Kylie Cosmetics. Both brands break the traditional beauty business rules, using social media to tease surprise product ‘drops’ which come with huge hype.
The latest excitement–announced via Instagram, of course–from Pat McGrath Labs is that it's finally launching in the UK.
"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 statement.
"We're excited to combine our experience of building global beauty and fashion brands with Pat and her team's unmatched creativity and passion." Granoff, who herself has an extensive background in beauty, spent a decade in senior leadership roles at Estée Lauder and Victoria's Secret's beauty division.
Kylie Jenner, who become a billionaire with her own successful makeup line, recently became the buzz of the business world after she appeared on the latest cover of Forbes. The magazine received some backlash after asserting that Jenner was “self-made,” a description critics said should not apply to one born into a wealthy family.