Waldencast operates as a focused prestige beauty house centered primarily around Milk Makeup, a clean, 100% vegan, and cruelty-free color cosmetics brand born out of the creative culture of downtown New York City. While the company previously owned and managed the clinical skincare brand Obagi Medical, it successfully completed a strategic divestiture of that asset to private equity ownership, enabling the enterprise to focus its resources entirely on building and expanding Milk Makeup's global market presence.