Pat McGrath’s beauty brand is set to increase its stronghold on the cosmetics industry.
The celebrity makeup artist has secured a $60 million investment in her wildly successful beauty label, ‘Pat McGrath Labs’. The cash injection, which comes courtesy of Eurazeo Brands, will help the company to "further expand its distribution in the US, as well as meet increasing demand worldwide," according to a press release. The brand is also reportedly gearing up to launch new product categories this fall, to complement its existing portfolio of lipsticks, eyeliners and eyeshadows.
"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. "I am thrilled to be working with the unique and expert team at Eurazeo Brands."
Beauty magnate McGrath, who has been working with the biggest names in the fashion industry for decades, first unveiled her limited-edition makeup line in 2016, commercializing a brand new ‘straight from the labs’ concept. Last August, she capitalized on the cult status of her cosmetics venture by announcing the launch of a permanent, ‘unlimited’ collection, comprising lipsticks, lip liners, eyeliners, eyeshadows and mascara, stocked online and in store at Sephora, where it has reached top-selling SKU status. In November, she surprised the industry with another innovative move, becoming the first makeup brand to sell beauty products on the music streaming service Spotify, in partnership with the singer Maggie Lindemann, before teaming up with The Metropolitan Museum of Art on a collaboration earlier this year.
