This is AMAZING!!! Congrats, Pat!! So happy for you!
Pat McGrath, the mother of all beauty innovators and runway makeup, is an undeniable force in the makeup world. Her eponymous beauty line, Pat McGrath Labs, consistently sells out its launches, and her Instagram can create trends just as quickly as you can say cat-eye. So what does all that influence translate on the bottom line? Uh, two words: major bank.
As Fashionista reports, New York City–based Eurazeo Brands announced on Monday that they had signed a $60 million deal to become a minority shareholder in Pat McGrath Labs. The influx of cash means the company’s external funding has jumped to $88 million. According to Fashionista, industry sources estimate that the investment brings the company’s valuation to more than $1 billion. (For the record, Kylie Jenner’s brand Kylie Cosmetics is valued at $800 million.) Pat McGrath Labs is also expected to bring in a whopping $60 million in sales in 2018, according to WWD.
“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.” [READ MORE]