This Self-Made Black Entrepreneur’s Makeup Brand is Now Worth $1 Billion — But You Won’t Read That in Forbes Magazine!
Pat McGrath Labs, a Black-owned makeup brand launched by makeup artist Pat McGrath, has just recently reached a whopping $1 billion estimated valuation. The brand has officially surpassed the $900 million estimated worth of Kylie Cosmetics owned by Kylie Jenner who was featured on the August 2018 cover of Forbes Magazine and controversially referred to as a “self-made” billionaire.
A billion dollar company within just two years
Pat is truly a self-made billionaire entrepreneur. She launched her line of makeup products just two years ago back in 2016, and it has already become an instant international success. In fact, it has been one of the best-selling brands at Sephora, the most popular nationwide chain of stores that sell beauty and personal care products.
She isn’t called “the most influential make-up artist in the world” by Vogue magazine and others for no reason. She has proven herself, working alongside high-profile designers such as Versace, Givenchy, Gucci, and Dolce & Gabbana. Even more, she is being celebrated both in the editorial and runway scene.
A $60 million dollar milestone
Just recently, her company hit a significant milestone after securing a $60 million deal with New York-based investment firm Eurazeo Brands. Other details about the deal were not disclosed but beauty industry insiders speculate that Eurazeo took a 5 to 8% stake, putting the valuation of Pat McGrath Labs at more than $1 billion.
“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,” Pat said in a statement via a press release. “I am thrilled to be working with the unique and expert team at Eurazeo Brands.”
“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. “We’re excited to combine our experience of building global beauty and fashion brands with Pat and her team’s unmatched creativity and passion.”
An incredible trajectory
The $60 million dollar investment is expected to help Pat McGrath Labs further expand their brand both nationally and internationally. Currently sold online and in 54 Sephora stores nationwide, the brand will soon be available in 90 more Sephora stores and will continue to release new merchandise and apparel. They also will be heavily promoting their “product drop” release strategy.
Moreover, with the brand’s continued “incredible trajectory,” many are saying that ForbesMagazine could appropriately give the recognition of a “self-made” billionaire to Pat McGrath, instead of someone who was born into a wealthy family.
Watch Pat Mcgrath’s story below: