Pat McGrath’s cosmetic company, Pat McGrath Labs, has reached an estimated valuation of $1 billion, outpacing the figure for Kylie Jenner’s Kylie Cosmetics.
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.
As of this 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 her brand is now valued at over $1 billion, fans on social media were over the moon:
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.
- This article originally appeared on HuffPost.