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SO2 July 22

Sunday, July 22, 2018

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Rock Star Pat McGrath Hits A Billion

The big fashion news this week is that Jamaican-born cosmetics mogul Pat McGrath received an investment of US$ 60 million from Eurazeo Brands. The French global private equity firm has a diversified portfolio of approximately €16 billion and recently created a fifth division to invest US$800 million in consumer and retail brands. Eurazeo is headed by CEO Jill Granoff, who happened to double Victoria's Secret Beauty sales to US$1 billion during her tenure there as president and CEO.

This investment brings Pat McGrath Labs' total external funding to US$88 million and, according to industry sources, moves the needle of the company's valuation beyond the US$1 billion mark. To put this massive accomplishment into perspective, Forbes recently valued Kylie Cosmetics at US$800 million.

McGrath is one of the most well-known make-up artists in the world. After working with Prada, Armani and John Galliano in the '90s her fame was cemented. McGrath invented the infamous DiorShadow mascara and has created products for Dolce & Gabbana, Gucci and Max Factor. Since the launch of her eponymous beauty line in 2015, McGrath has attracted a fan base enticed by her use of vivid colour and luxe product packaging.

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