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.
"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," McGrath emphasized in a statement via press release. "I am thrilled to be working with the unique and expert team at Eurazeo Brands." And according to Jill Granoff, CEO of Eurazeo Brands, the excitement surrounding the new partnership is mutual.
So what does all this mean other than dinero, dinero, dinero? (Sorry, it's never an inopportune time to quote J.Lo.) Apparently, brand expansion. Keeping in line with its signature otherworldly inspiration, next on the brand's to-do list is an increase in accessibility. The majestic line (which boasts lipsticks, eye shadow palettes, and highlighters as some of its most loved and eye-catching beauty paraphernalia) is currently sold online at both PatMcGrathLabs.com and Sephora.com. However, it's currently only available in 54 Sephora stores nationwide.
But come fall, the plan is to increase the number to 90. Additionally, Fashionista reports McGrath's legendary line will carry on with its trademark "drop" product-release strategy—a smart move when you consider the mania (typically followed be an epic sellout) which has become the norm following a hot and heavy product launch. In other words, it's safe to say plenty of covetable goodness from the brand still awaits. Until then, we'll try to contain our itching anticipation.
So what are the best products to shop ASAP from a brand worth a billion dollars? Don't fret—we've collected nine of our all-time favorite formulas we don't think any makeup arsenal is complete without. Keep scrolling for the epic must-haves handpicked by our editors.
A brand-new color in the company's well-loved matte lipstick line, Soft Core has a special place in the heart of Byrdie's editorial director, Faith Xue.
Superbly juicy, this neutral peach lippie is perfect if you desire something natural with a semi-glossy (not matte) finish.
An investment? Yes. But senior editor Hallie Gould tells me this is one of her favorite launches from the brand—ever. And considering the epic shade range, we're not surprised.
We're obsessed with this ethereal mix of highlighters. There's something for every occasion, and the effect is actually much subtler than you'd expect. Unless, of course, you don't want it to be. Feel free to build for impact—this brand was made for it.
Pick your poison: With five glistening and equally jaw-dropping shades to choose from, this luxurious balm is another item Hallie always keeps close at hand.
We firmly believe your makeup is only as good as your application. This buffing brush ensures you'll never look anything short of flawless. Plus, as far as quality makeup brushes go, it's pretty affordable.
To achieve McGrath's quintessential dewy glow, assistant editor Maya Allen consistently reaches for this multitasking magic stick.
Although Hallie's favorite gloss color (above in Aliengelic) is currently sold out, there are plenty of other just-as-covetable hues to choose from.
Besides the perfectly inky black potion of liner which flows easily from this must-have pen, we also love its hard-to-come-by staying power. (Eyeliners—such a tough crowd!) One application will last 24 hours, guaranteed.