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If you’re a beauty buff you know who Pat McGrath is. The makeup artist nickname is Mother because she is the mother of beauty, runway looks and then some. Her beauty line, Pat McGrath Labs launched in 2016 and has since grown to be worth over $1 billion.
This milestone was announced Monday when Eruazeo Brands became a minority shareholder in the company for a cool $60 million. Their investment brings McGrath Labs to a total of $88 million in external funding.
According to Women’s Wear Daily, Eurazeo took a 5 to 8 percent stake in the company, making its value well over $1 billion. On top of being a $1 billion business, McGrath Labs is estimated to bring in a staggering $60 million in sales this year.
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“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.”
Forbes recently valued Kylie Cosmetics at $800 million and is on track to reach $1 billion shortly, but McGrath Labs has beaten Kylie Cosmetics to the punch.
In the two years since its launch, McGrath Labs has grown to be a fan favorite at Sephora. According to Fashionista the brand is a top-selling SKU brand at the retailer and has gained 30 billion social media impressions since it launched.
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“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,” Jill Granoff, CEO of Eurazeo Brands said about McGrath. “We’re excited to combine our experience of building global beauty and fashion brands with Pat and her team’s unmatched creativity and passion.”
Right now McGrath Labs has different finishing lipsticks, glosses, lip liner, eyeshadow palettes, liquid eyeliners, eye pencils, highlighters, brushes and more.
When the mother of makeup creates a line the people will follow.
