Waldencast

What Waldencast does

Waldencast Plc is a London-headquartered, NASDAQ-listed (ticker: WALD) beauty and wellness holding company founded in 2021 by Michel Brousset and Hind Sebti, which completed a SPAC merger and listed on NASDAQ that same year. The company originally operated as a multi-brand platform anchored by two purpose-driven brands: Obagi Medical, a 35-year-old medical-grade skincare line with proprietary formulations spanning the Nu-Derm, Professional-C, and NU-GEN lines plus injectable aesthetics (Saypha ChIQ and MagIQ hyaluronic acid fillers developed in partnership with Croma-Pharma GmbH using MACRO Core Technology), and Milk Makeup, a clean, vegan, cruelty-free makeup brand born out of Milk Studios in downtown New York City.

The business model combined clinical/professional distribution for Obagi (dermatologists, med spas, and the ALOHA Program clinical evidence network spanning 9,000+ aesthetic clinics via Aesthetic Record) with consumer-facing retail for Milk Makeup through Sephora, Ulta Beauty (expanding to 600+ doors in 2026), and Amazon Premium Beauty, alongside DTC e-commerce on each brand's owned site. Pricing sits in the premium tier, exemplified by NU-GEN Cellular Renewal Serum at $175 and Sun Shield Mineral SPF 40 at $65.

Following the announced $460 million sale of Obagi Medical to Bridgepoint Group (definitive agreement May 31, 2026; closing expected Q3 2026) and the prior $82.5 million sale of Obagi Japan rights to Rohto Pharmaceutical (November 2025), Waldencast is positioned to operate as a single-brand company centered on Milk Makeup, with founders Brousset and Sebti transitioning to lead Obagi under Bridgepoint. FY 2025 net revenue was $272.1 million with a $248.1 million net loss, and net debt has been reduced from $186.6 million to approximately $104.1 million through the asset sales and refinancing.

Name

Waldencast

Legal name

Waldencast Plc

Website

https://waldencast.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Marketing or Sales, Supply Chain, Operations, Personnel, Technology or R&D

Revenue model

1. Product Sales - Obagi Medical: Revenue from medical-grade skincare products and injectable aesthetics sold through professional channels (dermatologists, med spas), Obagi.com, and Amazon.com. Drives strong momentum through international demand and U.S. direct-to-consumer growth.
2. Product Sales - Milk Makeup: Revenue from clean, vegan, cruelty-free makeup products sold through milkmakeup.com, Sephora, Ulta Beauty (expanding to 600+ doors in 2026), and Amazon Premium Beauty.
3. Asset Divestitures: One-time proceeds from strategic asset sales including Obagi Japan trademark ($82.5M to Rohto Pharmaceutical) and Obagi Medical sale ($460M to Bridgepoint), used to reduce debt.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Waldencast is a publicly traded beauty and wellness multi-brand platform that develops, markets, and distributes skincare and cosmetic products. Following the June 2026 divestiture of Obagi Medical to Bridgepoint, the company's principal operating brand is Milk Makeup, a clean-beauty cosmetics and skincare label sold direct-to-consumer and through retail partners including Ulta Beauty and Amazon Premium Beauty.

Product overview

Waldencast is a global beauty and wellness multi-brand platform that owns Milk Makeup as its sole remaining brand following the June 2026 sale of Obagi Medical to Bridgepoint for $460 million. Milk Makeup is a clean, cruelty-free, vegan makeup brand centered on community and self-expression. Prior to the divestiture, the portfolio included Obagi Medical's medical-grade skincare products (Professional-C, Nu-Derm, Hydrate, ELASTIderm, Nu-Cil, Rebalance) and injectable aesthetics (Saypha ChIQ and MagIQ hyaluronic acid fillers developed with Croma-Pharma). The company operates a brand-led business model with portfolio focus on purpose-driven, inclusive beauty brands.

Differentiator

Problem solved

Functional benefit

Brands

• Milk Makeup: Clean, vegan, cruelty-free makeup brand born out of Milk Studios in NYC, emphasizing community and self-expression
• Obagi Medical

Products and services

• Milk Makeup
• Obagi Medical (professional and consumer skincare portfolio)
• Obagi Saypha ChIQ and Saypha MagIQ injectable fillers (Novaestiq)

Quantifiable outcome

• 94% of injectors believe MagIQ complements their current filler options
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core and major.

• ProMD HealthcoreStrategic or Co-development Partner · 19 March 2026ALOHA Program collaboration to conduct real-world clinical evaluation of Saypha MagIQ hyaluronic acid dermal filler across ProMD's 17 multi-state practice locations. ProMD providers collect standardized data on clinical efficacy and patient experience.
• Schweiger DermatologycoreStrategic or Co-development Partner · 27 February 2026Key partner for ALOHA Program to generate real-world evidence for Obagi Saypha MagIQ injectable product. Schweiger conducts Phase 4 clinical study and real-world evaluation program across national network of practices. Initial activities expected to begin early 2026.
• It's a Secret Med SpamajorStrategic or Co-development Partner · 25 February 2026ALOHA Program partnership evaluating Saypha MagIQ injectable across 15 med spa locations using structured data capture and clinical protocols. Aims to translate FDA pivotal trial data into everyday premium med spa practice.
• Aesthetic RecordcoreTechnology or Integration · 17 February 2026ALOHA Program key partner providing EMR, charting, analytics, and integrated practice management tools across network of over 9,000 aesthetic clinics to capture data and evaluate Obagi protocols in everyday clinical practice.
• DermFxmajorStrategic or Co-development Partner · 6 February 2026ALOHA Program partnership to generate real-world evidence for Saypha MagIQ injectable across DermFx's Southern California med spa locations. Structured evaluation program assesses clinical safety and efficacy data from FDA pivotal trials.
• MoxiemajorTechnology or Integration · 5 February 2026ALOHA Program strategic partnership using Moxie's software, marketing, coaching, and compliance tools to collect standardized data on Saypha MagIQ filler integration into scalable aesthetic workflows across supported med spa practices.
• VIO Med SpamajorStrategic or Co-development Partner · 30 January 2026ALOHA Program launch partner for real-world clinical evaluations of Saypha MagIQ hyaluronic acid filler across VIO's national network of med spa locations. Structured multi-site assessment generates evidence on filler performance and patient outcomes.
• Next HealthmajorStrategic or Co-development Partner · 28 January 2026ALOHA Program partnership and Skin Recharge Station pop-up collaboration. Next Health conducts structured multi-site assessment of MagIQ filler across wellness and longevity centers, integrating injectables with holistic protocols and data-driven outcomes.
• Platinum Dermatology PartnerscoreStrategic or Co-development Partner · 26 January 2026ALOHA Program launch partner conducting hands-on evaluations across network of over 120 dermatology locations. Captures standardized data on patient outcomes and provider experience with Saypha MagIQ product and protocols.
• Rohto PharmaceuticalmajorChannel Partner/ Reseller/ Distributor · 13 November 2025Acquired exclusive rights to sell Obagi in Japan from Waldencast for $82.5 million. Transaction reduced Waldencast's net debt from $186.6 million to approximately $104.1 million.
• Croma-Pharma GmbHcoreTechnology or Integration · 23 July 2025Strategic partnership for development of Saypha injectable hyaluronic acid gel products for the U.S. market. Croma-Pharma provides proprietary MACRO Core Technology for injectable fillers. Waldencast acquired U.S. rights through Novaestiq Corp. acquisition. Saypha ChIQ received FDA approval in June 2026.

Scale indicators9 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• e.l.f. Beauty: e.l.f. Beauty is a publicly traded multi-brand beauty company (elf, e.l.f. Skin, Well People, Keys Soulcare) competing in the clean, accessible beauty segment with strong Ulta Beauty presence. Most directly comparable to Milk Makeup in target consumer, clean-beauty positioning, mass-prestige price tier, and multi-channel (Ulta, Target, DTC) distribution strategy.
• Glossier: Glossier is a digitally native, clean beauty brand focused on millennial and Gen Z consumers with a strong DTC-first model and selective retail expansion. Directly comparable to Milk Makeup in target demographic, minimalist clean-beauty aesthetic, and community-driven brand building.
• Rare Beauty: Rare Beauty is Selena Gomez's clean, mission-driven beauty brand sold primarily through Sephora. Comparable to Milk Makeup in clean/vegan positioning, celebrity-artist cultural collaborations, and values-driven marketing targeting younger consumers seeking purpose-led brands.

Emerging players

• The Honest Company: Honest Company is a clean, mission-driven consumer brand spanning beauty, baby, and household products with strong values-based positioning around transparency and clean ingredients. Comparable to Milk Makeup in clean-beauty philosophy and purpose-driven brand storytelling, though broader category scope.
• Tower 28 Beauty: Tower 28 is a clean, sensitive-skin-friendly beauty brand available at Sephora, Ulta, and via DTC, focused on non-toxic, vegan formulations for sensitive skin. Comparable to Milk Makeup in clean-beauty positioning, Sephora/Ulta distribution, and consumer demographic of ingredient-conscious millennials.
• Kosas Cosmetics: Kosas is a clean beauty brand offering skincare-makeup hybrid products with a focus on clean ingredients, sold at Sephora and DTC. Comparable to Milk Makeup in clean-beauty positioning, Sephora distribution, and ingredient-conscious consumer targeting.

Broad incumbents

• Estée Lauder Companies: Estée Lauder is the largest prestige multi-brand beauty conglomerate globally, with a portfolio including Estée Lauder, Clinique, La Mer, Bobbi Brown, and Tom Ford Beauty. Comparable to Waldencast's historical multi-brand platform strategy, though significantly larger and more diversified across skincare, makeup, fragrance, and haircare.
• Coty Inc. Coty is a multi-brand beauty conglomerate owning CoverGirl, Max Factor, Kylie Cosmetics, and prestige fragrance brands. Comparable to Waldencast's brand-platform model with a portfolio spanning mass, prestige, and celebrity brands distributed across drugstores, specialty retail, and DTC channels.
• Charlotte Tilbury (Puig): Charlotte Tilbury is a prestige clean-leaning makeup brand acquired by Puig, with global Sephora and DTC distribution. Comparable to Milk Makeup in the makeup category, Sephora/Ulta presence, and influencer-driven prestige positioning, though at a higher price tier.

Others

• Ulta Beauty: Ulta Beauty is the largest specialty beauty retailer in the U.S. and Milk Makeup's key distribution partner for the 600+ door expansion. While not a direct competitor, Ulta is a critical channel relationship for Milk Makeup's growth and a comparable point of reference for specialty beauty retail dynamics that drive Waldencast's revenue model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments12 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Waldencast