Photo via: patmcgrath.com
Even without any formal training, Pat McGrath blazed her own trail as one of the world's most influential makeup artist. Now the cosmetics beauty brand, Pat McGrath Labs, that she launched in 2016 is valued at $1 billion dollars.
According to Fashionista.com, "On Monday, New York City-based investment firm Eurazeo Brands announced that it had struck a $60 million deal to become a minority shareholder in the company." As a minority shareholder, Eurazeo holds a five to eight percent stake in the company, which in turn increases its valuation to more than $1 billion dollars, reports 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," said McGrath in a statement press release. "I am thrilled to be working with the unique and expert team at Eurazeo Brands."
"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 in a press release. "I am thrilled to be working with the unique and expert team at Eurazeo Brands."
Photo credit: Greg Kessler
Jill Granoff, CEO of Eurazeo Brands said in a press statement: "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. We're excited to combine our experience of building global beauty and fashion brands with Pat and her team's unmatched creativity and passion."
In just two years of its launch, Pat McGrath Labs has become one of Sephora's staple brands. McGrath's beauty line is sold online at PatMcGrathLabs.com and Sephora.com, plus in 54 Sephora stores. By fall, the brand hopes to expand to 90 Sephora stores.
"The next phase is to continue our incredible trajectory,"McGrath exclusively told Fashionista.com. "We have been so blessed to have such an engaged and passionate customer base and the aim is to continue to provide them with more groundbreaking, straight-from-the-runway products and a makeup experience that they cannot get anywhere else. I get so much joy and satisfaction when I see how much our loyal customers love the products, it fuels us to come up with even more innovative creative ideas."
Congratulations, Pat on achieving such an incredible milestone!