When Pat McGrath introduced limited edition products back in 2016, they sold out immediately. Fans struggled to get their hands on McGrath's glittering lipkits, metallic eye pigments,and iridescent highlighters. Since launching a 61-product makeup collection last year, Pat McGrath Labs has developed a cult following that's attracted $88 million in external funding according to WWD.
Just this morning, Eurazeo Brands, an arm of French private equity firm Eurazeo, announced a $60 million investment in the company. The investment comes as the battle for beauty-world domination between celebrity heavyweights is heating up. With the rise of Fenty Beauty by Rihanna, Kim Kardashian-West's KKW, and Kylie Jenner's namesake cosmetics brand inching towards $1 million dollars in sales, all eyes are on celebrity makeup brands.
According to an unnamed industry source cited in a recent WWD article, Pat McGrath Labs is estimated to reach $60 million in sales this year. While McGrath, who joined British Vogue as beauty editor-at-large last summer, may not be a household name like the Rihanna or Kylie Jenner, the runway and editorial beauty wizard's cult following, decades of innovative work, and newfound investment might just propel Pat McGrath Labs to new heights.
Photo via Instagram