Pat McGrath Net Worth

What is Pat McGrath's net worth?

Pat McGrath is a British makeup artist and businesswoman who has a net worth of $50 million. As we detail in a moment, Pat McGrath was at one point a paper billionaire. Unfortunately, her company has experienced significant financial troubles in recent years and, in January 2026, filed for bankruptcy.

Widely regarded as the most influential makeup artist in modern fashion history, McGrath built her reputation through decades of trend-defining editorial work, runway artistry, and creative leadership at the highest levels of the luxury industry. Her impact on beauty culture has been so profound that Vogue editor-in-chief Anna Wintour has called her "the most influential makeup artist in the world."

McGrath's influence eventually translated into massive commercial success. In 2015, she launched her own cosmetics brand, Pat McGrath Labs, which quickly became one of the most hyped beauty startups of the decade. By 2018, the company had achieved a $1 billion valuation, briefly making McGrath a paper billionaire and one of the wealthiest self-made women in fashion.

That peak proved unsustainable. A combination of operational challenges, shifting consumer tastes, investor exits, and retail contraction steadily eroded the brand's value. In January 2026, Pat McGrath Labs filed for Chapter 11 bankruptcy protection, formally ending its unicorn-era ambitions. While McGrath remains one of the most respected creative figures in beauty, the financial collapse of her company significantly reshaped her personal fortune.

Early Life and Career Beginnings

Pat McGrath was born and raised in Northampton, England, by her Jamaican mother, Jean McGrath. Jean played a central role in shaping Pat's creative instincts, encouraging her to experiment with color, texture, and unconventional beauty ideas from a young age. Despite having no formal makeup training, McGrath developed a distinctive, experimental style that set her apart from traditional artists.

In her twenties, McGrath moved to London and began working on fashion shoots and underground magazines. Her breakthrough came through her collaboration with photographer Edward Enninful, who later became editor-in-chief of "British Vogue." Together, they helped redefine the look of fashion editorials in the 1990s, blending glamour with edge, minimalism with provocation.

By the late 1990s and early 2000s, McGrath had become a fixture at the world's most important runway shows, working with designers such as John Galliano, Alexander McQueen, Prada, Dolce & Gabbana, and Giorgio Armani. Her work regularly appeared in Vogue, where she eventually became beauty editor-at-large. For a decade, she served as the exclusive makeup artist for every "Vogue Italia" cover, a role that cemented her reputation as fashion's ultimate tastemaker.

In 2004, McGrath joined Procter & Gamble as Global Cosmetics Creative Design Director, allowing her to influence mass-market beauty brands while maintaining her dominance in high fashion.

The Launch of Pat McGrath Labs

In 2015, after decades of industry dominance, McGrath launched her own makeup brand, Pat McGrath Labs. Rather than debuting through a major retailer, she released just 1,000 units of a single product, "Gold 001," sold exclusively through her website. The product sold out in six minutes.

The response was immediate. Pat McGrath Labs developed a cult following built on bold pigmentation, luxurious textures, and theatrical packaging. Limited-edition drops routinely sold out, reinforcing a sense of exclusivity and artistic credibility rarely achieved in beauty.

By 2018, the brand had expanded into more than 50 Sephora locations with dedicated in-store displays. That same year, McGrath sold an estimated 5–8% stake in the company at a valuation exceeding $1 billion. Since its founding, the company raised approximately $88 million from outside investors.

McGrath reportedly retained between 70% and 85% ownership at its peak, briefly placing her paper net worth around $700 million. The brand's success helped pave the way for the modern wave of artist-led beauty companies, including Westman Atelier, Makeup by Mario, and Patrick Ta Beauty.

Viral Resurgence and Continued Creative Influence

In January 2024, McGrath generated one of the most viral beauty moments of the decade at the Maison Margiela couture show, where she created a hyper-glossy "glass skin" look that dominated social media. The look sparked immediate speculation about a commercial product, though Pat McGrath Labs initially had no launch planned.

In 2025, the company released the Skin Fetish: Glass 001 Artistry Mask, a peel-off mask designed to replicate the couture effect. While the release generated excitement among longtime fans, limited availability and execution issues highlighted the brand's ongoing operational struggles.

Despite the challenges at her namesake company, McGrath's personal creative demand never faded. In 2025, she was appointed Creative Director of Makeup for Louis Vuitton's La Beauté division, reinforcing her status as the definitive luxury makeup artist of her generation.

Via Getty Images

Financial Decline and Operational Struggles

After the pandemic, Pat McGrath Labs struggled to sustain its earlier momentum. Consumer preferences shifted toward minimalist, skincare-driven beauty, leaving the brand's theatrical aesthetic increasingly out of step with market demand.

Early investor Eurazeo exited its position quietly, and in 2021, Belgian investment firm GBL, through its Sienna Investment Managers division, acquired a 14.4% stake for $183 million. By 2024, GBL had written down that stake by 88%, valuing it at roughly €21.5 million and implying a total company valuation near $150 million.

The company also faced internal instability, including layoffs, leadership turnover, and a shrinking retail footprint at Sephora. Former employees described a chaotic internal culture marked by late-night approvals and last-minute execution, a structure that mirrored McGrath's runway-driven creative process but proved difficult to scale as a global business.

As the brand's valuation collapsed, McGrath's personal net worth declined accordingly, settling at an estimated $50 million.

2026 Bankruptcy Filing

In January 2026, Pat McGrath Labs filed for Chapter 11 bankruptcy protection in the United States. The filing followed reports that the company was being marketed for sale, with an auction of its assets scheduled by its secured lender. That auction was postponed indefinitely once bankruptcy proceedings began.

The company stated it would continue operating while restructuring its balance sheet. At the time of the filing, annual sales were estimated at approximately $50 million, far below the level needed to support its former valuation. Multiple investors had already exited or written down their stakes, and the brand had undergone repeated rounds of layoffs.

While McGrath continued her work with Louis Vuitton and other fashion houses, the bankruptcy filing marked the definitive end of Pat McGrath Labs as a billion-dollar beauty company.

Legacy and Recognition

Pat McGrath's legacy extends far beyond financial outcomes. She is widely credited with reshaping modern beauty by embracing maximalism, experimentation, and inclusive representation at the highest levels of fashion. Long before diversity became an industry mandate, McGrath centered her work around models of different skin tones, backgrounds, and identities.

In 2013, she was appointed a Member of the Order of the British Empire. In 2021, she became the first makeup artist ever to receive a damehood, officially named Dame Pat McGrath by Queen Elizabeth II for her services to fashion and beauty.

McGrath has been named to Time magazine's "100 Most Influential People" list and has received numerous lifetime achievement awards. Even after the collapse of her cosmetics company, she remains one of the most powerful creative forces in the global beauty industry, with an influence that continues to shape fashion, advertising, and cultural aesthetics worldwide.

Who's Richer?

Pat
McGrath

Compare!

Charlotte
Tilbury