Indie super star and makeup artist extraordinaire, Pat McGrath, has selected Eurazeo Brands, a leading global investment company, as a minority shareholder in the company. Eurazeo’s total investment is $60 million, bringing total external funding to-date to $88 million. Eurazeo, which has more than $20 billion of assets under management, joins ONE Luxury Group, a dedicated luxury investment fund, as an investor. The new capital looks to help the business build on its success and to further expand its distribution in the U.S., as well as meet increasing demand worldwide. Additional terms of the deal were not disclosed.
Founded in 2016, Pat McGrath Labs stood out from other makeup launches through it smust-have, straight-from-the-runway products. In its early days, products such as Pat McGrath Labs’ brilliant Gold 001, which sold out in less than six minutes, captured the imagination and attention of the industry, making it one of the most talked-about beauty launches. In the fall of 2017, Pat McGrath Labs debuted its core collection of makeup on patmcgrath.com and at select Sephora locations in North America. Fall 2018 will see the introduction of new product categories to complement the brand’s best-selling lipsticks, eyeliners and eyeshadows.
Jill Granoff, co-CEO of Eurazeo Brands, is familiar to the beauty scene. She spent 10 years in senior leadership roles at Estée Lauder and seven years at Victoria’s Secret Beauty, where she helped to double sales from $500 million to $1 billion and launched the brand internationally during her tenure as President and Chief Operating Officer.
Pat McGrath Labs has reached top selling status at Sephora with various hit products, and was also voted the number one most engaged beauty brand in a Facebook survey of 500 top beauty brands. Pat McGrath Labs has already garnered over 30 billion media impressions since launch.