Pat McGrath Labs business continues to boom with news the company has has received a $60 million investment from Eurazeo Brands. While the company didn’t provide details on the deal, according to WWD, Eurazeo is estimated to have taken a five to eight percent stake in the company with a valuation of more than $1 billion.
For those keeping count, the valuation puts the company above Kylie Jenner Cosmetics, which is estimated to have a total worth of $800 million, of which Jenner owns 100 percent. And indeed, McGrath who was raised by a single mother in Northampton, England, is a lot more self made.
Commenting on the deal, Eurazeo CEO Virginie Morgon noted the firm “looks forward to joining Pat McGrath Labs on its global journey to reach millions of new consumers who have followed the brand for years.”
McGrath founded her company in 2015 and was self-funded for a year. Since 2016, Pat McGrath Labs has received $88 million in funding, which includes investment from One Luxury Group. Pat McGrath Labs currently is carried in 50 Sephora doors with 2018 retail sales estimated to be $60 million.
The investment will be used to expand the brand’s reach, starting with an additional 40 Sephora doors. Currently the line’s offerings are dominated by lip and eye products and as such it’s a given the investment will also go into expanding offerings.
“There will be acceleration,” McGrath explained. “We’re having incredible success and [in terms of] wanting to expand the brand in the U.S. as well as expanding demand worldwide. We’ve got a lot of fans all over the world asking for this. That’s what’s going to be incredible about working with Eurazeo, to see the distribution grow.”
While Pat McGrath Labs launched just three years ago, McGrath has been a behind-the-scenes makeup-artist titan for over 25 years and is best known for creating flawless looking skin that retains a natural cast. At the same time, McGrath is also known for making rich eye and lip color statements.
In addition to her company and her role as a makeup artist, McGrath was appointed beauty editor-at-large by British Vogue editor-in-chief Edward Enninful in July 2017.