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Beauty News: Pat McGrath Labs Valued at $1 Billion

Beauty News: Pat McGrath Labs Valued at $1 Billion



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Makeup and cosmetics visionary extraordinaire, Pat McGrath‘s makeup line, Pat McGrath Labs has reached a valuation of $1,000,000,000. On the heels of Kylie Jenner covering Forbes as being on the verge to reach the same dollar valuation with the title of “self-made”, McGrath and her company truly embody the spirit and the full definition of the term.

Black Enterprise reports:

Black-owned makeup line Pat McGrath Labs recently secured a $60 million deal from New York-based investment firm Eurazeo Brands, with beauty industry insiders speculating that its valuation has been raised to $1 billion and surpassing that of Kylie Jenner’s cosmetics company (valued at $800 million), according to a press release from the investment firm. Eurozeo will become minority shareholders in Pat McGrath Labs.

Pat McGrath Labs, founded by the esteemed black British makeup artist of the same name, has become a staple brand in Sephora’s North American stores since its launch in 2016.

Business Wire:

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. Eurazeo’s total investment is $60 million, bringing total external funding to date to $88 million. The new capital will help Pat McGrath Labs build on its incredible success and enable the company to further expand its distribution in the U.S., as well as meet increasing demand worldwide. Additional terms of the deal were not disclosed.

Founded by McGrath in 2016, Pat McGrath Labs quickly revolutionized 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. In the fall of 2017, Pat McGrath Labs debuted its core collection of makeup on patmcgrath.com and at select Sephora locations in North America. The highly anticipated launch generated incredible media attention and captivated consumers with some of the most unique and coveted makeup ever made available to the public. This fall will see the introduction of new product categories to complement the brand’s best-selling lipsticks, eyeliners and eyeshadows.

Pat McGrath Labs has reached top selling SKU status at Sephora with various hit products and was also voted the number one most engaged beauty brand in a Facebook survey of 500 top beauty brands. Pat McGrath Labs has already garnered over 30 billion media impressions since launch.

On 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.”

“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,” said Jill Granoff, CEO of Eurazeo Brands. “We’re excited to combine our experience of building global beauty and fashion brands with Pat and her team’s unmatched creativity and passion.” Granoff has also had a successful career in beauty and fashion, including 10 years in senior leadership roles at Estée Lauder and seven years at Victoria’s Secret Beauty, where she helped to double sales from $500 million to $1 billion and launched the brand internationally during her tenure as President and Chief Operating Officer.

Virginie Morgon, CEO of Eurazeo, added“We look forward to joining Pat McGrath Labs on its global journey to reach millions of new consumers who have followed the brand for years. We love to partner with brilliant entrepreneurs like Pat and believe this investment will be a success.”

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