Pat McGrath Labs Surpasses Kylie Cosmetics In Valuation
With all the focus being on Kylie’s “self-made” beauty brand the past few days…a black owned company swooped in and claimed the billion-dollar value crown right under all our noses.
Beauty mavens, particularly Sephora girls, should be familiar with Pat McGrath Labs, a cosmetics brand founded by the esteemed UK Black makeup artist of the same name. The brand, featuring palettes, lip colors and the like, has only been around since 2016. However, according to Black Enterprise, the brand was recently able to snag a $60 million deal from New York investment firm Eurazeo Brands. This bit of extra tipped the already insanely profitable cosmetic company over the billion-dollar mark in valuation.
Nice! Congrats to Pat. Ladies, is this a brand you use?