Kylie Jenner made waves last week when Forbes announced that she was on track to become the youngest billionaire in history. Even more impressive, she's done it all with beauty products (and, of course, a leg up from her famous family). But Pat McGrath, the mother of all beauty innovators and runway makeup, is coming for Kylie's beauty billionaire title.
As Fashionista reports, New York City–based Eurazeo Brands announced on Monday that they had signed a $60 million deal to become a minority shareholder in McGrath's's eponymous beauty line, Pat McGrath Labs. The influx of cash means Pat McGrath Labs's external funding has jumped to $88 million. According to Fashionista, industry sources estimate that the investment brings the company's valuation to more than $1 billion, a sizable jump ahead of Kylie Cosmetics' $800 million valuation. Pat McGrath Labs is also expected to bring in a whopping $60 million in sales in 2018, according to WWD.
"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," McGrath said of the funding deal in a press release. "I am thrilled to be working with the unique and expert team at Eurazeo Brands."
Jill Granoff, CEO of Eurazeo Brands, echoed McGrath's sentiments: "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. We're excited to combine our experience of building global beauty and fashion brands with Pat and her team's unmatched creativity and passion."
What's ahead for McGrath? In her statement, the legendary makeup artist described the next steps for the company as a continuation of her brand's "incredible trajectory." That includes expanding into 90 Sephora stores (they're currently in 54), continuing to release merchandise, and staying focused on their surprise "product drop" strategy.
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