NEW YORK, United States — Pat McGrath Labs has a new minority investor. Multinational investment firm Eurazeo Brands bought a $60 million stake in the cosmetics brand, the companies announced Monday.

The Paris-based Eurazeo, which joins One Luxury Group as a shareholder in makeup artist's Pat McGrath namesake line, has previously invested in the likes of Farfetch, Moncler and Vestiaire Collective. The latest round brings Pat McGrath Labs' total funding to $88 million in just two years since the company's inception.

Pat McGrath Labs is slated to reach more than $60 million in retail sales this year and Eurazeo’s stake raises its valuation upward of $1 billion, according to a Women’s Wear Daily report. If the valuation is correct, that's 17 times its retail sales — an "astronomical" sales multiple, according to one source with industry knowledge. Eurazeo is likely betting on McGrath's permanent line, which was unveiled last September, the source said. Until then, the makeup brand only sold limited-edition collections, which had "no way to scale meaningfully."

McGrath's expansion to everyday makeup with her permanent collection is a pointed shift away from her signature novelty makeup, the industry source added. "Whether or not she can make that transition remains to be seen."

The beauty sector has seen valuations continuously escalate as private equity firms, venture capital investors and other strategic groups swarm the market. Last year, there were more than 100 M&A transactions, according to investment banking firm Intrepid. Highlights include Castanea's minority stake in Tatcha and TSG Consumer Partners' stake in Huda Beauty.

Pat McGrath Labs products are currently available through its own e-commerce platform, as well as 54 Sephora stores and the beauty retailer’s website, where it's a top-seller. The brand will expand to 90 Sephora stores in the fall and will continue to explore other product categories including apparel. The new capital will “enable the company to further expand its distribution in the US, as well as meet increasing demand worldwide,” the companies said in a statement.

“We are honoured 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,” Jill Granoff, chief executive of Eurazeo Brands, said in the statement.

Among the most well-known makeup artists in the world, McGrath rose to fame in the 1990s working with designers such as Jil Sander, Prada, Armani and John Galliano. McGrath gained a following for her bold hues and reputation for experimenting with ornamental materials such as pearls and feathers. Her line became an instant hit on social media by inviting followers to create their own looks using her makeup and hand-picking artists from Instagram to design the brand's elaborate packaging.

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