Black-owned cosmetics company Pat McGrath Labs lands a $60 million investment deal with Eurazeo Brands has put the two-year-old business’ valuation in excess of $1 billion. That accomplishment, according to Women’s Wear Daily, launches her ahead of Kylie Cosmetics, a brand that Forbes controversially said put reality star Kylie Jenner on track to become the youngest self-made billionaire.
A press release issued on behalf of Pat McGrath Labs, which was founded in 2016 by the world’s number one makeup artist Pat McGrath, said the investment will build on the British brand’s success. It will also expand the company’s U.S. distribution to 90 Sephora stores in the fall as well as increase worldwide demand. Eurazeo Brands will become a minority shareholder in the company. Additional terms of the deal were not disclosed.
“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 statement of her company that swiftly transformed modern beauty with its must-have, straight-from-the-runway makeup experience. “I am thrilled to be working with the unique and expert team at Eurazeo Brands.”
Her brand has become a major staple at Sephora stores, where it’s available online and in 54 stores and became the top-selling SKU brand. It also has attracted more than 30 billion social media impressions since launching.
“The next phase is to continue our incredible trajectory,” McGrath told Fashionista of expansion plans. “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.”