The balance of power in the cosmetics world was shifted when Kylie Jenner was billed by Forbes as being on the path to becoming the youngest self-made billionaire ever, but the people weren’t having it. With critics blasting Jenner’s distinction as being self-made, a Black woman by the name of Pat McGrath can make those claims without an asterisk after she surpassed the value of Jenner’s line.
Pat McGrath Labs, the eponymous cosmetics company launched by the legendary makeup artist back in 2016, has just hit a major financial milestone. On Monday, New York City-based investment firm Eurazeo Brands announced that it had struck a $60 million deal to become a minority shareholder in the company.
Eurazeo’s investment brings Pat McGrath Labs’ total external funding to $88 million, according to a press release from the firm. While the specific terms of the deal were not disclosed, industry sources estimate that Eurazeo took a 5 to 8 percent stake in the company, putting its full valuation at more than $1 billion, according to a report by WWD, which also projects that the brand will bring in more than $60 million in sales for 2018. (For comparison, Forbes recently valued Kylie Jenner’s overwhelmingly successful Kylie Cosmetics at $800 million.)
McGrath got her big break in the ’90’s as a makeup artist to top supermodels of that era, going on to work with Oprah Winfrey, Kendall Jenner, and others. Known as “Mother” in the fashion industry, McGrath, who is British by way of Jamaica, has been in business for just two years after the launch of her Mothership palette line.