How Did Pat McGrath Cosmetics Go From Billion-Dollar Brand to Bankruptcy?

Taylor Swift’s bright red lip during the Eras Tour sparked online speculation that she was wearing Pat McGrath Labs LiquiLust in Elson 4. The chatter intensified after Pat McGrath appeared in Swift’s “Bejeweled” video, and yet the lipstick was out of stock for much of the nearly two-year tour.

Valued at more than $1 billion in 2018, Pat McGrath Cosmetics announced that it had filed for Chapter 11 bankruptcy protection on Jan. 22 to “simplify its capital structure, reduce its debt load and unlock the potential of this brand.” Last month, after having agreed to an interview for this article, Ms.

McGrath decided against it. Ms. McGrath rose from a career as a makeup artist to the stars—Taylor Swift, Kim Kardashian, Madonna and many others—and worked backstage for Prada, Givenchy, Louis Vuitton, Versace and Lanvin.

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