Pat McGrath Labs recently received a $60 million deal from New York-based investment firm, Eurazeo Brands. This investment is believed by beauty industry insiders to raise the value of the Pat McGrath Labs to $1 billion. Thanks to their investment, Eurozeo will become minority shareholders in Pat McGrath Labs.
The company, which was launched in 2016, was founded by Pat McGrath whose name had long been relevant in the beauty industry as a prominent British makeup artist. McGrath’s resume includes work with major designers such as Dolce & Gabbana, Givenchy, Gucci, and Versace. Vogue Editor-in-Chief, Anna Wintour, has even called McGrath, “the most influential makeup artist in the world.”
“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. I am thrilled to be working with the unique and expert team at Eurazeo Brands,” said McGrath in a press release.
Since the founding of Pat McGrath Labs in 2016, the brand has become among the most popular in Sephora’s North America locations. However, this wasn’t McGrath’s first time being at the helm of a cosmetics line. She was hired by Giorgio Armani to develop and launch a line of cosmetic products in 1999. As the Creative Design Director of Procter & Gamble, a role McGrath took on in 2004, McGrath oversees Covergirl, Max Factor and created Dolce & Gabbana: The Makeup. She also designed and launched Gucci’s debut cosmetic collection.
“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,” said Jill Granoff, CEO of Eurazeo Brands in a released statement. “We’re excited to combine our experience of building global beauty and fashion brands with Pat and her team’s unmatched creativity and passion.”