The world is beauty-obsessed. Well, more specifically, cosmetics obsessed. Case in point: the sheer amount of brands in Sephora catering to our endless need for new lipsticks, foundations, highlighters and just about everything else — not to mention the rise in celebrity and celebrity MUA-led brands in recent years.
Just last week, Kylie Jenner made history as the youngest person to ever make Forbes Richest Self-Made Women in America list, with her eponymous beauty brand Kylie Cosmetics being valued at a whopping USD$800 million. However, one of the industry’s longest-serving and most iconic MUAs is coming for her crown.
Pat McGrath launched her eponymous beauty line in 2016 and overnight, it was announced that the brand has received a USD$60 million investment from Eurazeo Brands. According to WWD, it is estimated “that Eurozeo took a five to eight per cent stake in the company, putting its full valuation at more than USD$1 billion.” In the same report, it was estimated that Pat McGrath labs will bring in over USD$60 million in sales this year alone.
In a statement, McGrath expressed her gratitude at the success of the brand, saying, “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.”
It is hoped that the investment will help the brand to grow its global footprint, according to Fashionista, as well as expand its product offering. In addition to its cult-level lip kits (those sparkly lips you see all over Insta are Pat McGrath’s signature creation), the brand recently announced its expansion into skincare. And there’s even more to come. Speaking to the site, McGrath said, “The next phase is to continue our incredible trajectory. 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.”
Now, find out more about Calvin Klein’s first female fragrance launch in 13 years.