Pat McGrath Labs, the groundbreaking Black-owned beauty brand created by master makeup artist Pat McGrath, just pulled off a major comeback.

​Weeks after filing for Chapter 11 bankruptcy on Jan. 22, the company that redefined luxury cosmetics announced a massive $30 million funding round to fuel its revival. The brand shared that its filing was to “simplify its capital structure, reduce its debt load and unlock the potential of this brand,” the New York Times reported. However, the Pat McGrath Lab's team didn't flinch—they quickly restructured.

​According to the Business of Fashion and other outlets, the cash comes from its lender, GDA PMG Funding. The deal includes $10 million in new debtor-in-possession financing and a commitment of at least $20 million in “post-emergence working capital,” per the release. McGrath will also transition from CEO to Chief Creative Officer.

​The funding is a sign that there’s still hope for the luxury cosmetics brand, which was valued at more than $1 billion in 2018. McGrath’s bold artistry and iconic legacy include creating looks and visual stories for some of the biggest brands and celebrities, from Gucci and Versace to Naomi Campbell and Beyoncé.

​Pat McGrath Labs pioneered luxury makeup for deeper skin tones in lush formulas when the market ignored us. Now, with extra funding, fans could be in for new drops, pop-up collabs, and a fiercer push against beauty gatekeepers.

​“Pat McGrath Labs is a house built on audacious artistry, cultural relevance, and singular creative vision — one that has shaped the modern beauty conversation for over a decade,” a press release stated. “GDA Luma undertakes this investment with profound respect for that legacy, combined with the operational discipline and strategic perspective of an experienced global investor with a proven track record of repositioning iconic brands for enduring success.”