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Pat McGrath makeup brand valued at $1 billion

SELF MADE: Pat McGrath (Photo credit: Trunk Archive)

IF YOU'RE a fan of fashion and beauty, then you probably know the name Pat McGrath.

The legendary black British make-up artist is known for her years of expertise in the high fashion industry, crafting beautiful looks for the pages of Vogue and W Magazine to the runways of Paris to New York Fashion Week. And now, her cosmetic brand Pat McGrath Labs - which launched in 2015 - has received an investment which values the brand at $1 billion dollars.

The $60 million deal is a result of a partnership with New York-based investment firm Eurazeo Brands, who are now a minority shareholder of McGrath's line. This investment resulted in Pat McGrath Labs officially being valued at $1 billion, according to WWD.

Sending you all LEGENDARY LOVE xx Pat ⚡️⚡️

A post shared by Pat McGrath (@patmcgrathreal) on

The amount surpasses reality star Kylie Jenner's makeup line Kylie Cosmetics, which was recently highlighted in a cover feature by Forbes magazine for amassing a $900 million fortune.

"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."

Jill Granoff, CEO of Eurazeo Brands, echoed Pat's sentiments: "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. We're excited to combine our experience of building global beauty and fashion brands with Pat and her team's unmatched creativity and passion."

Born in 1970, Pat McGrath was raised in Northampton by her mother Jean McGrath, a Jamaican immigrant. Despite having no formal training, McGrath has become one of the most influential and respected make-up artists in the fashion industry, regularly directing the make-up for catwalk shows, advertising campaigns and editorial shoots across the world.

In an interview with Vogue in 2007, McGrath attributed her creativity to her mother, a devoted Jehovah's Witness who was a keen follower of fashion and would quiz the young Pat on the different shades of eye shadow. "She trained me, basically, to do the shows, right there... look at the pattern, check the fabrics, look for the make-up - and begin.

"She was always mixing up colours because there wasn't anything out there for black skin," added McGrath in an interview with TIME magazine in 2003.

After leaving school, McGrath completed an art foundation course at Northampton College. She had planned to undertake a fashion degree but opted against it after meeting stylist Kim Bowen, who invited her along to watch her work on shoots for magazines The Face and i-D - where she met current British Vogue Editor-In-Chief Edward Enninful.

After touring Japan as a make-up artist for Caron Wheeler from Soul II Soul, McGrath began working with Enninful more closely.

Since then, here career has seen many notable moments, including being awarded an MBE in 2014, being the global cosmetics creative design director for Procter & Gamble - the name behind make-up brands including Max Factor, Dolce & Gabbana and CoverGirl - and being dubbed the "most influential make-up artist in the world."

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