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American beauty brand Pat McGrath Labs has officially filed for Chapter 11 bankruptcy, confirming months of speculation around the brand’s financial troubles.
Owned by British makeup artist and industry legend Pat McGrath, the brand was initially set to go up for auction on January 7, according to Marie Claire. That sale, however, was put on pause when Pat McGrath Labs filed for Chapter 11 protection on January 22, allowing the company to halt the immediate liquidation of its assets and attempt a financial reset instead.
In the US, Chapter 11 bankruptcy allows a business to continue operating while it restructures its debts under court supervision. As New York-based financial planning and analysis manager Samuel Aboagye explained to Marie Claire, “They’ll continue running the business normally, but they have certain goals they must meet to pay back their debtors. If they don’t pay their debts (and by extension, their debtors) back in the timeline agreed upon, then they’ll cease control of the company or liquidate it for the funds and shut it down.”
Until fairly recently, Pat McGrath Labs appeared to be thriving on the surface. The brand remained highly visible online, backed by viral launches and glossy social media campaigns. Behind the scenes, however, employees reportedly described a far more pressurised environment, according to The Cut.
The bankruptcy filing comes in the same year that McGrath herself reached a major career milestone. In March 2025, she was announced as the creative director of La Beauté Louis Vuitton, the luxury house’s long-anticipated makeup line — a role that underscored her influence in the fashion and beauty world.
McGrath’s rise began in the 1980s, when her experimental, high-impact techniques quickly set her apart. In 2015, she launched Pat McGrath Labs, debuting with a $40 pressed gold pigment. The brand soon became synonymous with maximalist glamour, particularly its now-iconic $128 Mothership eyeshadow palettes and richly pigmented lipsticks that dominated both runways and red carpets.
In 2018, Pat McGrath Labs secured $60 million in funding from Eurazeo Brands, and within five years, the company reached a $1 billion valuation. By 2021, Eurazeo quietly exited its stake — a move that, in hindsight, marked the beginning of a more turbulent chapter for the once-unstoppable beauty brand.