Pat McGrath Labs is known for luxurious products that even Tracee Ellis Ross can't resist splurging on. The black, female-owned makeup line features gorgeous lip balms, glosses and lipsticks along with bronzers and highlighters to give you the a flawless look.

Pat McGrath Labs has recently made news for locking down a $60 million deal from Eurazeo Brands, a New York-based investment firm. While it’s a huge deal on its own, Fashionista is valuing the deal to raise $1 billion, surpassing Kylie Jenner’s cosmetics company which made Forbes’ cover for being valued at $800 million.

McGrath has worked the faces of models for fashion and couture shows in fashion capitals such as Milan, New York City, London and Paris for designers such as Givenchy, Gucci and Versace.

In the press release McGrath shared, "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. I am thrilled to be working with the unique and expert team at Eurazeo Brands."

The feeling is mutual seeing as the CEO of Eurazeo Brands, Jill Granoff said, "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."

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