The auction represents a steep fall from grace for the brand, which caused a sensation right away with its highly pigmented Gold 001 dust, packaged with gold sequins, and went on to score hits with its Mothership Palettes, Lust Gloss and MatteTrance lipsticks. McGrath has since turned her attention to Louis Vuitton, where last year she became cosmetics creative director and helped launch luxury makeup brand La Beauté Louis Vuitton.

In 2018, private equity firm Eurazeo Brands injected $60 million in funding into Pat McGrath Labs at a valuation of more than $1 billion. Eurazeo quietly exited its stake in Pat McGrath Labs in 2021, and Sienna Investment Managers later became a minority investor as the brand’s valuation declined.

According to industry sources speaking to Women’s Wear Daily, Pat McGrath Labs’ sales sank to about $50 million last year. The sales slide has fueled speculation about Pat McGrath Labs’ future, alongside McGrath’s focus on Louis Vuitton and the brand’s products showing up at T.J. Maxx.

We’re curious about whether Pat McGrath Labs could reverse its fortunes. So, for the latest edition of our ongoing series posing questions related to the beauty industry, we asked seven brand founders, product developers, chemists, manufacturers and consultants the following: What went wrong with the brand? Do you believe it could stage a comeback? What would a renewed Pat McGrath Labs be like?