It’s official: Pat McGrath just beat Kylie Jenner to makeup world domination.
The world-renowned editorial and runway makeup artist’s makeup line, Pat McGrath Labs, recently received a $60 million minority investment from multinational investment firm Eurazeo Brands. This deal between the two companies brings the makeup brand’s external funding to $88 million, which ultimately brings its overall worth up to over $1 billion, according to a WWD report. This partnership places Pat McGrath Labs ahead of Kylie Cosmetics, which was recently valued at nearly $800 million by Forbes.
“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. I am thrilled to be working with the unique and expert team at Eurazeo Brands,” McGrath stated in a press release.
Eurazeo Brands’ investment will be the capital that will enable Pat McGrath Labs’ expansion in the U.S. and worldwide. Currently, Pat McGrath Labs’ products are available on the brand’s site as well as on Sephora.com and in 54 Sephora stores. The brand is looking to expand to 90 Sephora stores around fall as well as explore the fashion realm in the form of merch and apparel.
Since fall is fast approaching, we’re pretty sure you’re on the hunt for new lippies to rock for the season. Look no further because Pat McGrath Labs just dropped 10 new shades of MatteTrance lipstick. Ranging from flattering nudes to vampy darks, each of the new shades retails for $38 and boasts rich color payoff with a nondrying, creamy feel. Skip Kylie Cosmetics’ Lip Kits for now as you can also get the MatteTrance shades in trios for $95. Check out the slideshow to pick out your favorites because you know how fast these sell out.