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In 2018, Eurazeo Brands, the consumer investment arm of Eurazeo Global, very publicly put $60 million into Pat McGrath Labs at a $1 billion valuation. Even in an era defined by frothy valuations, this was unhinged math for a brand that, at the time, was on track to hit $40 million in net sales, according to a source close to the business. Indeed, it turned out to have been the high-water mark for the beauty firm founded by high fashion’s perennial makeup artist of choice. Next week, Pat McGrath Labs’ assets will go on the block; bids are due January 26, and a public auction will be held the next day.
