With all of the “self-made” entrepreneur talk after Forbes dubbed Kylie Jenner a “self-made” billionaire, Black Twitter got to work presenting some facts about a REAL self-made boss chick.
Pat McGrath is a legend in the makeup world. According to Huffington Post, she was born to a Jamaican single mother, and the self-taught, fingers-only makeup artist recently took her talents to the lab and created her own makeup line.
The makeup mogul is not only well respected in the fashion industry, she’s now the top earner in the beauty industry after multinational investment firm Eurazeo Brands announced it bought a $60 million minority stake in her two-year-old brand, Pat McGrath Labs. The investment pushed the company’s full valuation at more than $1 billion, according to WWD.
For comparison, Kylie Cosmetics is at an alleged $800 million, according to Kris Jenner.
“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 said in a press release.
Now, Pat McGrath Labs is slated to reach more than $60 million in retail sales this year.
“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, via a press statement. “We’re excited to combine our experience of building global beauty and fashion brands with Pat and her team’s unmatched creativity and passion.” Granoff, who herself has an extensive background in beauty, spent a decade in senior leadership roles at Estée Lauder and in Victoria’s Secret’s beauty division.”
You can find PatMcGrath Labs in 54 Sephora stores and Sephora.com. You can also shop on her own e-commerce site, PatMcGrathLabs.com.
The 53-year-old British makeup maven went from receptionist to makeup artist to being the global creative-design director for Max Factor and Cover Girl.
Fans on social media were over the moon about the news that her brand is now valued at over $1 billion. Check out some reactions below.
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