Pat McGrath’s eponymous cosmetics line, Pat McGrath Labs, has just surpassed Kylie Jenner’s Kylie Cosmetics in value.
Following a $US60 million investment from Eurazeo Brands, Pat McGrath Labs is now estimated to be worth over $1 billion. The report from WWD which highlighted this also predicts the brand will bring in over $US60 million in sales in 2018.
For comparison, Kylie Jenner’s Kylie Cosmetics was just valued by Forbes at around $US800 million.
"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 in a press release.
"I am thrilled to be working with the unique and expert team at Eurazeo Brands."
CEO of Eurazeo Brands Jill Granoff echoed McGraths’s sentiments: "We are honoured 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."
Pat McGrath Labs was founded by the famed makeup artist in 2016.
