It was less than a week ago when the internet was sent into a frenzy when news that Kylie Jenner is in route to being one of the youngest “self-made” billionaires, thanks to her makeup line, Kylie Cosmetics, which is valued at $800 million.
While the internet is still debating whether or not the 20-year-old reality star is truly “self-made,” one thing is for sure—she’s not the top earner in the beauty game!
According to Fashionista.com, beauty brand Pat McGrath Labs just secured a $60 million investment from New York City-based investment firm Eurazeo Brands, and when the numbers were crunched, the company was valued at $1 billion.
Do it for the culture, sis!
To date, her makeup is a top seller at Sephora and her beauty brand’s success continues to skyrocket.
"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."
Eurazeo Brands, which reportedly now owns a minority stake in the makeup business, has other investments in the beauty and fashion world, including Nest Fragrances and Farfetch.
"We are honored to be working with Pat, whose vision, talent and trailblazing history in the beauty industry have set Pat McGrath Labs up to be one of the most authentic and innovative makeup brands to ever come to market," said Jill Granoff, CEO of Eurazeo Brands, via a press statement. "We're excited to combine our experience of building global beauty and fashion brands with Pat and her team's unmatched creativity and passion."
So what’s next with the beauty brand? Expansion!
"The next phase is to continue our incredible trajectory," said McGrath. "We have been so blessed to have such an engaged and passionate customer base and the aim is to continue to provide them with more groundbreaking, straight-from-the-runway products and a makeup experience that they cannot get anywhere else. I get so much joy and satisfaction when I see how much our loyal customers love the products, it fuels us to come up with even more innovative creative ideas."
(Photos: Evan Agostini/Getty Images, Nicholas Hunt/Getty Images for New York Fashion Week)