However, the eye-catching fee is subject to plenty of bonuses and add-ons that, whilst achievable, will still be a few years away and would ultimately mean Everton have been successful in both the domestic and continental game.
The Brazilian winger signs a five-year-deal with the Blues as he reunites with the manager that brought him to the Premier League, Marco Silva.
It represents Everton first foray into the shortened summer transfer window and a move that accelerated quickly over the weekend with the new Blues boss desperate to get his first signing through the door.
Speaking to EvertonFC.com about reuniting with his old boss, the 21-year-old said: “I want to have a lot of success with Everton. I think it is going to be important for me here to be with Marco Silva again."
“Everton have put their faith in me and I intend to honour this shirt and demonstrate on the pitch why I came here," the winger explained about the move.
"I’ve known the manager for a while obviously, so I know how he works.
“I developed really well with him while he was with me at Watford. It was really good working with him and one day I believe he can help me to be selected for Brazil in the full national team."
Ambition the key
After adapting to life in the Premier League pretty quickly last season, Richarlison was one of the main reasons why the Hornets were flying high.
However, the reality of jumping straight from a season with Fluminense to joining Watford without a summer break meant he faded over the busy festive period.
He wants to get back to that level with the Blues.
Speaking about his reasons for making the move to the North West, the Brazilian said: “I want to score more goals, provide more assists for my teammates and help in whichever way is possible.
“Everyone in the world knows Everton. It is a very big club, one of the biggest in England as I said.
"I am really happy and honoured to be here.”
Silva delighted with golden move
Reuniting with his former player was a key move for Silva during this window and he expressed his delight in being able to get his signing done.
“He is a good player who will make our team and our squad more competitive," explained Silva about reuniting with the young winger.
“The competition between our players is really important to me. This is what will make us better as a club, always that competition within the squad.
“The player himself is fast, strong, very good technically and he can play in three positions across the front line. He can also score goals."
He added: “Evertonians will see a player who will be 100 percent committed to helping our team always."