Waldencast is a beauty holding company that owns and operates two brands: Obagi Medical, a professional skincare brand, and Milk Makeup, a prestige makeup brand. Obagi Medical has over 35 years of clinical heritage and sells prescription, OTC, and cosmetic products targeting hyperpigmentation, fine lines, wrinkles, and loss of elasticity. Obagi sells primarily through a direct sales force to dermatologists, plastic surgeons, and medical spas, with additional sales through its own e-commerce site, Amazon, and international distributors. In 2026, Obagi expanded into aesthetic injectables with the launch of Saypha hyaluronic acid fillers. Milk Makeup, launched in 2016, targets Gen Z and Millennial consumers with clean, vegan, and cruelty-free products, and sells primarily through Sephora and Ulta Beauty, as well as direct-to-consumer online. Waldencast's business model centers on acquiring brands with strong consumer affinity, expanding gross margins through manufacturing efficiencies, and reinvesting those savings into marketing. Both brands outsource manufacturing to third-party contract manufacturers, keeping capital expenditure low. Obagi generated roughly 55% of total FY24 revenue, with Milk Makeup contributing the remaining 45%. Waldencast's growth strategy focuses on product innovation, distribution expansion, and increased marketing investment across both brands, with longer-term ambitions to add more brands to the platform.