Waldencast plc operates a focused portfolio of prestige beauty brands, anchored by its primary operating assets. Its core subsidiaries and brand houses include Milk Makeup, a digitally native, 100% vegan, and cruelty-free color cosmetics brand known for its innovative formulas and urban lifestyle aesthetic. The company previously operated Obagi Medical, a clinically positioned medical-grade skincare business, before completing a strategic divestiture of that specific skincare asset to transition its primary focus toward scaling Milk Makeup's long-term international growth potential.