While folks are still debating over whether Kylie Jenner is truly self-made, Black-owned makeup brand Pat McGrath Labs is already on its way to become the next billion dollar beauty brand.
On Tuesday, after a $60 million investment from Eurazeo Brands, WWD reports that celeb makeup artist Pat McGrath’s namesake cosmetics company is now valued at more than $1 billion.
Mother gained a cult following from Fashion Week runways and editorial work — she’s shot every Vogue Italia cover for more than 10 years — and beat the faces of such beauty icons as Naomi Campbell and Rihanna. She first launched her beauty brand in 2015 featuring her iconic Gold 001 pigment with guerilla-style marketing and limited edition drops (before Kylie Jenner’s lip kits) that consistently sold out in minutes.
In Fall 2017, she partnered with Sephora to launch an “unlimited” collection of beauty must-haves line the shelves of 54 stores and counting. She’s expected to close out 2018 with more than $60 million in retail sales.
After several historic makeup launches and collabo, Pat is now looking at expanding internationally.
“We’re having incredible success and wanting to expand the brand in the U.S. as well as expanding demand worldwide,” she said. “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.”
Thank includes bringing her presence in Sephora up to 90 stores and new apparel merchandise.