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Black-owned makeup line Pat McGrath Labs recently secured a $60 million deal from New York-based investment firm Eurazeo Brands, bringing its valuation to $1 billion and surpassing that of Kylie Jenner’s cosmetics company (valued at $800 million), reports fashionista.com.
Pat McGrath Labs, founded by the esteemed black British makeup artist of the same name, has become a staple brand in Sephora stores since its launch in 2016.
According to a biography on her website, McGrath has created makeup looks in scores of fashion and couture shows in the major fashion meccas of the world, including Milan, Paris, London, and New York. She has worked with high-profile designers such as Dolce & Gabbana, Givenchy, Gucci, and Versace. Vogue Editor-in-Chief Anna Wintour called McGrath, “the most influential makeup artist in the world.”
More from her online biography:
When Giorgio Armani hired her to develop and launch a line of cosmetics in 1999, the minimalist maestro said, “I was struck by the way she interpreted colour and by her ideas about beauty and femininity.”
Engaged as Global Beauty Creative Design Director by Procter & Gamble in 2004, Pat McGrath oversees Covergirl, Max Factor and created Dolce & Gabbana: The Makeup. Recently, she also designed and launched Gucci’s debut cosmetic collection. “She is a terrific business partner. Our success is her success, and vice versa,” says Esi Eggleston Bracey, Vice President and General Manager of Procter & Gamble Cosmetics.
“PAT McGRATH LABS is my Golden Revolution. The entire planet is just as cosmetics obsessed as I’ve always been. Makeup is a movement. Makeup is mesmerizing. Makeup is major. Mantra-esque, three words have repeated over and over in my mind ever since I was young. Obsession. Inspiration. Addiction. Those words became my guiding principles, my manifesto as I brought this brand to life. I wanted to capture, in a quartet of exquisite palettes, 50 legendary lipsticks, a divine dozen eyeliners and five fetish-worthy lip pencils, The Power of Transformation, The Power of Beauty; The Power of Makeup,” McGrath says in a statement on her company’s website.
Kylie Jenner, on track to become a billionaire, became the buzz of the business world after she appeared on the latest cover of Forbes. The magazine received some backlash after asserting that Jenner was “self-made,” a description critics said should not apply to one born into a wealthy family.
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