Black-owned makeup brand surpasses Kylie Cosmetics as billion-dollar company. Come & See Why
Soon after attempts in the media to credit youngest Kardashian-Jenner sibling Kylie Jenner for being on course to becoming the youngest and most powerful billionaire makeup mogul, it was reported that British makeup legend Pat McGrath’s company, Pat McGrath Labs, received a major investment.
Harper’s Bazaar wrote, “Pat McGrath Labs, the makeup line created by legendary makeup artist Pat McGrath, is now being valued at $1 billion. As Women’s Wear Daily reports, the brand received a $60 million minority investment from Eurazeo Brands. The terms of the investment were not disclosed, but industry sources told WWD the firm now has a 5 to 8 percent stake in Pat McGrath Labs. This investment is what led the cosmetics line to be worth more than $1 billion, according to the report.”
Comparisons were quickly made between the young Kylie Jenner, whose business was nurtured by her mother, a known business powerhouse and overseer of all things Kardashian, and McGrath, not only of the two women’s businesses, but of the true meaning of the phrase “self-made.”
The 47-year-old McGrath, whose mother is British African-Caribbean, worked as a receptionist before becoming a makeup artist. She did not come from money and was raised by a single mother. She worked her way to the top, eventually being named “the most influential makeup artist in the world” by Vogue Magazine, by making a name for herself with her unique usage of color in the mid-1990s at i-D Magazine.
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