British makeup artist Pat McGrath is as iconic as it gets. After decades of creating stunning, ahead of its time makeup looks for influential runway shows, McGrath released her eponymous makeup line Pat McGrath Labs in 2016 to a whirlwind of success. The line immediately became a staple at Sephora, and now McGrath is hitting a new career milestone as the brand accepted an investment from New York City-based investment firm Eurazeo Brands earlier this week.
The $60 million deal made Eurazeo a minority shareholder in the company, which launched Pat McGrath Labs's valuation at an estimated $1 billion, according to WWD. The amount outdoes reality star Kylie Jenner's success at her makeup line Kylie Cosmetics, as recently highlighted 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," said McGrath in a statement via press release. "I am thrilled to be working with the unique and expert team at Eurazeo Brands."
Thumbnail image by John Lamparski/Getty Images.