back to top
BEAUTY
 / 

Self-Made Pat McGrath's Makeup Company Is Now Worth More Than $1 Billion

Makeup artist Pat McGrath's eponymous company recently closed a deal that raised its value to more than $1 billion.

Pat McGrath is many things: a legendary makeup artist, an innovative businesswoman, and according to new reports, a self-made BILLIONAIRE.

instagram.com

Her makeup company Pat McGrath Labs recently closed a $60 million deal with investment firm Eurazeo Brands, raising its valuation to more than $1 billion, WWD reports. That's groundbreaking considering Pat launched the company a mere two years ago, and self-funded it for the first year.

instagram.com

“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,” Jill Granoff, chief executive of Eurazeo Brands, reportedly said in the statement.

People everywhere soon started celebrating McGrath and her peerless astronomical growth: "I'm so proud of this inspiring black business woman."

@YungKundalini / Via Twitter: @YungKundalini

"She deserves it!"

@HailXtina / Via Twitter: @HailXtina
Advertisement

Fellow legend Whoopi Goldberg even sent out a televised congrats, crowning her "the lady of color who's behind every great made-up face in any fashion show in the world." She and her View co-host Sunny Hostin also emphasized that Pat grew her company "from nothing"...

"Her makeup, her line is absolutely incredible," Sunny added. "The pigments...there's a color for everyone. It's just really well done."

...A point which others made sure to bring up...

@TheAffinityMag / Via Twitter: @TheAffinityMag

...In light of a recent controversial Forbes cover story, which hails a socialite-turned-beauty CEO as a soon-to-be "self-made" billionaire.

@flyrebel / Via Twitter: @flyrebel

The makeup mogul marked the occasion by posting a heartfelt letter addressed to her PM Labs team on Instagram. "Labs exists to break the mold, and you are why I do what I do," Pat wrote. "Thank you for your boundless self-expression and your divine passion to a new standard of beauty."

instagram.com

"The devotion you have shown me and our brand has taken us to new levels and the most legendary moments are yet to come."

Congrats to you, Pat!!! May your reign stay as unrivaled as your beats!!!

MTV / Via giphy.com
Connect with As/Is