The business of beauty is in the spotlight thanks to Kylie Jenner and now, Pat McGrath Labs makes an exciting announcement.
Beauty is certainly big business. After Kylie Jenner's iconic Forbes cover touting her as the youngest billionaire to-be thanks to her company Kylie Cosmetics, a beauty behemoth, Pat McGrath has had her company valued at over $1bn after a record $60m investment.
Pat McGrath's name is among one of the most respected in the beauty and fashion industry. Pat, who has worked in the industry for decades is lauded as one of the most talented make-up artists in existence.
According to her BoF profile:
British makeup artist Pat McGrath has been called the fashion world’s most important makeup artist. She rose to prominence in the early 1990s and has since collaborated with a number of top brands and photographers, including Steven Meisel and Christian Dior, for whom she has crafted runway beauty looks for many seasons. Proctor and Gamble called on her expertise in 2004 and named her the creative design director for its cosmetics lines, including CoverGirl and Max Factor.
In 2017, following her longtime friend and collaborator Edward Enninful’s appointment as editor in chief of British Vogue, she was announced as the magazine’s beauty editor-at-large.
After a long career doing make-up, the next logical step was for Pat to start her own line but no-one knew that he company would scaled the lofty heights it has in such a two years and thanks to a record investment of $60m, Pat McGrath Labs is being valued at over a staggering $1bn.
Founded by McGrath in 2016, Pat McGrath Labs quickly revolutionised modern beauty through its must-have, straight-from-the-runway makeup experience. In its early days, products such as Pat McGrath Labs’ brilliant Gold 001, which sold out in less than six minutes, captured the imagination and attention of the industry, making it one of the most talked-about beauty launches.
Now, Eurazeo Brands has made an investment in Pat McGrath Labs, the iconic makeup brand created by Pat McGrath, the number one makeup artist in the world. Eurazeo, a leading global investment company with ~€16 billion of assets under management, joins ONE Luxury Group, a dedicated luxury investment fund, as minority shareholders in the company.
Speaking about creating Pat McGrath Labs and partnering with Eurazeo Brands, McGrath said, "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. I am thrilled to be working with the unique and expert team at Eurazeo Brands."
Jill Granoff, CEO of Eurazeo Brands added,“We are honoured 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.”
This is certainly a monumental moment for Pat McGrath who had no formal training and has built her career on sheer determination and tons of talent.