Meet Pat McGrath the Beauty Industries Newest Billionaire.
In just two short years, make up artist and business owner Pat McGrath has transformed her small business into a Brand recently valued at over $1 billion dollars. Pat McGrath Labs has officially surpassed the $900 million valuation for Kylie Cosmetics owned Kylie Jenner.
How did she do it?
Pat launched her product line in 2016 and is already considered an international success story. Vogue magazine has described her as "the most influential make-up artist in the world".
Born in Northhampton, England, a Jamaican expatriate, Pat has been experimenting with make up since she was six years old. Raised by a single Mother, McGrath credits her mother for supporting her love for fashion and makeup from an early age. Pat began mixing colors as a young girl because the industry as it was, did not include black skin as a priority. With no "formal" training and having completed an art foundation course at a Northhampton College, McGrath moved to London and began working with designers and photographers while supporting herself as a receptionist. Her break came while working with Edward Enninful in the early 1990's, when she put her knowledge of mixing colors (learned at age six) to work and changed the game.
At her mothers behest, Pat began to focus on creating products she loved and thought to herself "why not just do a line now?"
On October 29th, 2015 she launched her first product of many called Gold 001. The launched consisted of just 1,000 units and was sold exclusively on her webiste, www.patmcgrath.com. Pat slowly expanded her line and self funded the entire operation for a year until deciding on including outside investors. Speaking about her career she advises: "Build your career slowly ; then people start to trust you and pay you well."
The $60 million dollar milestone
Pat McGrath Labs reached a major milestone when a $60 million dollar deal with New York-based investment firm Eurazeo Brands was recently announced. Pat said in a press release statement "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," adding "I am thrilled to be working with the unique and expert team at Eurazeo Brands."
Sky's the limit
With this new $60 million dollar investment from Eurazeo Brands, sky's the limit for Pat McGrath Labs. We can expect an expansion both nationally and internationally. Pat McGrath Brands can be found online and in 54 Sephora stores nationwide with 90 new stores coming soon featuring new releases and merchandise.
Forget what you heard. Pat Mcgrath is a REAL self-made billionaire and the REAL MVP of the cosmetics industry.
See Pats McGraths Story courtesy of Voguepedia