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Black skin care company surpassed Kylie Jenner’s firm with billion-dollar sales

National

Carol Ozemhoya | OW Contributor | 7/23/2018, 2:30 p.m.
Fans of makeup artist Pat McGrath – who is a woman of color...
Pat McGrath

Fans of makeup artist Pat McGrath – who is a woman of color – are thrilled at her company’s success, reports the Huffington Post. Recently, reality TV star Kylie Jenner made headlines when she appeared on the cover of renowned business magazine Forbes because of the huge success of her makeup line. But when the Forbes issue came out, a lot of people claimed Jenner isn’t really a “self-made millionaire,” citing the history of her mom and family (the Kardashians). Jenner isn’t the only young entrepreneur making waves. According to a variety of news sources, including WWD (Women’s Wear Daily), McGrath’s Pat McGrath Labs has reached an estimated valuation of more than $1 billion, which is a higher figure that Jenner’s Kylie Cosmetics, placed at $800 million. McGrath launched her brand in 2016 after she’d been a mainstay in the fashion world as the creative force behind iconic makeup looks on the runways. Almost immediately after the launch of Pat McGrath Labs, it became a hit at Sephora stores, reports the Huffington Post. As of last week, the brand accepted an investment from Eurazeo Brands, an investment division of global investment firm Eurazeo, in a $60 million deal. On the news that McGrath’s brand is now valued at more than $1 billion, fans on social media were over the moon. Wrote E-ko-ru on Twitter: “I just came to remind you that our very own Pat McGrath (a beautiful dark skin woman btw) is a “self made” cosmetic billionaire after 2 years of launching her cosmetic line. Why aren’t you making noise about this… lmao?” McGrath said in a statement that it had been her “dream to create an iconic beauty brand that goes beyond the usual limitations, that lives outside the parameters of what is expected.” “I am thrilled to be working with the unique and expert team at Eurazeo Brands,” she said of her new business partner