Forget what you’ve heard, Pat McGrath is a REAL Self-Made Billionaire.
The makeup maven, who’s well respected in the entire fashion industry, is NOW the top earner in the beauty industry after multinational investment firm Eurazeo Brands announced it bought a $60 million minority stake in her two-year-old eponymous brand, Pat McGrath Labs. The investment pushed the brand’s full valuation at more than $1 billion, according to WWD.
The announcement comes just a week after Forbes crowned Kylie Jenner as the youngest American self-made billionaire, and estimated that her Kylie Cosmetics company is worth $900 million.
Folks of course went in, questioning the use of the term “self-made” when referring to Jenner’s success, and also slamming the magazine for putting Jenner on the cover when a black man – Floyd Mayweather actually topped Forbes’ 20th annual Celebrity 100 ranking of the world’s highest-paid celebrities earning $285 million while Jenner came in third earning $166.5 million.
McGrath didn’t make the list because she isn’t technically a celebrity, and she’s not American, but she’s a girl boss nonetheless.
In just two years the self taught, Jamaican born makeup artist created her own makeup line for the masses after over two decades of slaying famous faces for runway shows and magazine covers.
“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,” Pat said in a press release.
“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, via a press statement. “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, who herself has an extensive background in beauty, spent a decade in senior leadership roles at Estée Lauder and in Victoria’s Secret’s beauty division.”
You can find PatMcGrath Labs in 54 Sephora stores and Sephora.com, where it’s a top seller. You can also cop her goodies on her own e-commerce site, PatMcGrathLabs.com.
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