Unlike Kylie Jenner, Pat McGrath was a single mother working two jobs.
Vogue’s Anna Wintour once proclaimed Pat McGrath “the most influential makeup artist in the world.” But she’s no Jenner or Kardashian. She was a single mother, working two jobs to finance her young family and burgeoning make up line. Best of all, Pat McGrath Labs didn’t even require some creative Forbes-level justification (projected earnings and branding etc) to make the $1 Billion valuation. Make no mistake, Pat McGrath Labs is Really Worth $1 Billion.
Kylie who? Pat McGrath Labs is Really Worth $1 Billion.
Kylie Cosmetics may have dominated awareness in the beauty world and press cycles with “lip kits” and family drama but Pat McGrath has been conceptualising, launching and developing luxury cosmetic brands for over 20 years. Britain’s Queen Elizabeth II even made her a Member of the Order of the British Empire for services to the fashion and beauty industry. That’s saying something.
“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.” – Pat McGrath in a Eurazeo statement
While Forbes generated some publicity for Jenner, recently estimating her brand to be worth a massive $800 million dollars but Pat McGrath Labs, launched only three years ago, is expected to reach more than $60 million annual sales this year. Receiving $60M Investment From Eurazeo investment fund is what has put Pat McGrath over Kylie Jenner as a billionaire.
The influx of cash means Pat McGrath Labs’s external funding totals $88 million. Bringing the company’s valuation to more than $1 billion, ahead of Kylie Cosmetics’ $800 million.
“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.” – Jill Granoff, CEO of Eurazeo Brands
McGrath’s ascent to the pinnacle of fashion began in the 90s with an introduction to legendary lensman Steven Meisel by supermodel Amber Valleta. Fast friends and symbiotic collaborators, they’ve created every cover and lead editorial story for every issue of Vogue Italia. McGrath quickly became one of the most sought-after makeup artists in the world, her charges often referring to her as “Mother”.
One of Pat McGrath Labs’ best-selling products is Skin Fetish, a dual-ended highlighter that delivers two different formulas to reflect ambient lighting to create a natural looking yet ethereal glow.
Pat McGrath Labs’ debuted in 2015 with a $40 multipurpose gold pigment called Gold 001. The sequin bag sold out all 1,000 units in just six minutes. One surmises that Kylie Jenner only has one question now. Who’s your momma?
Kim Kardashian uses Pat McGrath Labs as well. #awkward
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