TSR Staff: Kyle Anfernee Instagram: @Kyle.Anfernee
I don’t know about y’all #Roommates
but I might have to tap into the makeup industry at some point with all this money these brands are making. Last week, news broke that #KylieJenner
’s cosmetic line was valued at around $800 million, and would soon be worth over a billion dollars. On Monday, New York City-based investment firm Eurazeo Brands announced that Pat received a $60 million investment from the firm to become a minority shareholder in the company.
According to @fashionista_com
, the terms of the deal weren’t disclosed, but sources estimate that the firm took a 5 to 8% stake in the company, putting the value of the cosmetic line at more than $1 billion. It also projects that the line will bring in over $60 million in sales this year alone.
“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,” McGrath said in a statement. “I am thrilled to be working with the unique and expert team at Eurazeo Brands.”
Let’s get into this investment #Roommates
and what it means exactly. Her line is currently only sold at PatMcGrathLabs.com, Sephora.com and in 54 Sephora stores in the United States. The brand plans to expand into more Sephora stores and will also come out with merch and apparel.