British makeup artist Pat McGrath is the definition of self-made. Having been born in Northampton to a mother who migrated from Jamaica, McGrath taught herself the art of makeup with Vogue declaring she is one of the most influential makeup artists of our time.
She now has a cosmetics line valued at over $1 billion, reports Teen Vogue.
McGrath launched Pat McGrath Labs two years ago and consistently sells out. Eurazeo Brands, a New York investment firm, took notice and invested $60 million in the business, which gives McGrath’s line a valuation exceeding $1 billion.
“It has always been my dream to create an iconic beauty brand that goes beyond the usual limitations, that lives outside of the parameters of what is expected,” McGrath said in a statement. “I am thrilled to be working with the unique and expert team at Eurazeo Brands.”
The equity promised to Eurazeo Brands has not yet been released, and so press outlets do not know how much of a stake the firm holds, but, according to Hello Beautiful, industry sources say the company is to receive anywhere from five to eight percent of the money earned.
“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,” Eurazeo Brands CEO Jill Granoff said in a press release. “We’re excited to combine our experience of building global beauty and fashion brands with Pat and her team’s unmatched creativity and passion.”
This collaboration has not only helped to bring McGrath’s line into the more central limelight but has also caused quite a stir considering Forbes’ recent cover naming Kylie Jenner a self-made billionaire. Jenner’s Kylie Cosmetics line currently stands at a value of $800 million, but with her new investor, McGrath could easily snatch the billionaire makeup line title.