Just last week, Kylie Jenner made serious industry waves when Forbes named the 21-year-old one of America’s richest women, quoting the worth of her booming namesake beauty business, Kylie Cosmetics, at roughly $800 million—just shy of an eyebrow-raising $1 billion. Not bad, not bad at all. Yet this week, there’s a different cult-loved brand making headlines and proving beauty is, indeed, a billion-dollar business. Enter Pat McGrath Labs—the luxuriously drippy makeup brand from legendary makeup artist Pat McGrath. Oozing sparkle? Check. Alien-esque color combos? Check. Billion-dollar value? Now, check and check. And apparently, a recent financial move is what put the brand over the edge of financial glory.
According to Fashionista, earlier today, New York City–based investment firm Eurazeo Brands announced that it had struck a $60 million deal to become a minority shareholder in the beauty brand.
“Eurazeo’s investment brings Pat McGrath Labs’ total external funding to $88 million,” the website explains, citing a press release. “While the specific terms of the deal were not disclosed, industry sources estimate that Eurazeo took a 5 to 8 percent stake in the company, putting its full valuation at more than $1 billion, according to a report by WWD, which also projects that the brand will bring in more than $60 million in sales for 2018.” Whoa. Plus, when you consider how new the brand is in beauty years (it’s just two years young), the news reads even more groundbreaking.