Hard work, dedication, and working smart all paid off for Pat McGrath as her brand Pat McGrath Labs, the makeup line created by the legendary makeup artist, is now being valued at $1 billion. According to Women’s Wear Daily, the brand received a $60 million minority investment from Eurazeo Brands, leading to its new billion-dollar valuation.
“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.”
This is phenomenal for a business that was only launched three years ago though it has ridden well on the popularity of its creator. It was clear the business would be a success from the outset when, in 2015, the line debuted and sold out all 1,000 units of its first product, a $40 product called Gold 001.
The Gold 001, a multipurpose gold pigment and other products from Pat McGrath Labs, which are available on her website and at Sephora and Sephora.com, are often inspired by McGrath’s work as a makeup artist for runway shows, including Versace, Balenciaga, and Gucci.
In an interview with InStyle, McGrath explained how she created her line. “My intention when I created Labs was that the people that used our products would be empowered to explore a fearless, daring attitude towards makeup—that’s why we always write ‘Use Without Caution’ on everything we make,” she said. “I’ve always believed that the most extraordinary results occur only when one feels unbound by any notion of constraint or limitation.”
McGrath was raised alongside her sister, Faith, byher single mother Jean, a Jamaican expatriate in Northampton. McGrath credits her mother for her love of fashion and make-up, saying that Jean would comment on clothes as they watched classic movies together.
“She trained me, basically, to do the shows, right there…look at the pattern, check the fabrics, look for the make-up and begin,” McGrath told Sarah Mower in Vogue in 2007.
“She was always mixing up colours because there wasn’t anything out there for black skin,” she said in a 2003 interview with TIME magazine.
For someone who has no formal training in fashion or make-up, this is truly an inspirational story and we congratulate on reaching this milestone.