Waldencast's Multi-Brand Strategy: Obagi Skincare and Milk Makeup Join Forces in Nasdaq IPO

Leadership and Ownership Structure Take Shape in Major Beauty Industry Merger

The beauty and wellness industry witnessed a significant consolidation on July 28, 2022, when Waldencast plc officially commenced public trading on Nasdaq under the ticker symbol “WALD” (with warrants trading as “WALDW”). The merger between Waldencast Acquisition Corp., Obagi Skincare, and Milk Makeup was finalized on July 27, 2022, creating a comprehensive multi-brand platform designed to nurture next-generation conscious and purpose-driven beauty brands.

Understanding the Ownership Framework: Who Leads This Beauty Powerhouse

Michel Brousset and Hind Sebti stand as the co-founders and primary architects of Waldencast’s strategic vision, with Brousset serving as Chief Executive Officer and Sebti assuming the role of Chief Growth Officer. This founding duo envisioned building a global operating platform that would support emerging beauty brands while preserving their individual identity and entrepreneurial independence.

The ownership hierarchy extends to the brand leaders themselves: Jaime Castle continues as CEO of Obagi Skincare, maintaining operational autonomy over the advanced skincare division, while Tim Coolican leads Milk Makeup as its Chief Executive. Additionally, Mazdack Rassi, one of Milk Makeup’s co-founders (established in 2016 alongside Dianna Ruth, Georgie Greville, and Zanna Roberts Rassi), retained his position as Chief Brand Officer, ensuring the brand’s core values and creative direction remain intact.

Felipe Dutra was appointed Executive Chairman of the Board, providing strategic governance over the combined entity. This organizational structure reflects Waldencast’s commitment to maintaining brand autonomy while leveraging operational synergies.

The Nasdaq Debut: A Milestone for Beauty Innovation

Waldencast’s transition to public markets represents a watershed moment for the modern beauty industry. The opening bell ceremony on July 28th symbolized the convergence of three distinct yet complementary entities: a physician-dispensed skincare powerhouse, a consumer-facing clean beauty innovator, and an innovative multi-brand operating platform.

The combined company operates under a brand-led business model that prioritizes customer proximity, operational agility, and market responsiveness. Each brand maintains its distinct character and mission while gaining access to the operational resources and expertise of a scaled platform.

Obagi Skincare: Three Decades of Dermatological Excellence

Obagi Skincare brings 30 years of research-backed formulation expertise to the Waldencast portfolio. The brand built its reputation as an industry leader in the physician-dispensed segment, particularly renowned for pioneering treatments addressing hyperpigmentation through its flagship Nu-Derm® System.

The skincare line targets multiple concerns including premature aging, photodamage, skin discoloration, acne, and sun damage through advanced, biology-based formulations. Under Waldencast’s platform, Obagi Skincare aims to accelerate its trajectory toward becoming the world’s most professionally recommended skincare brand.

Milk Makeup: Redefining Clean Beauty Standards

Founded in 2016 and headquartered in Downtown New York City, Milk Makeup emerged as a cultural phenomenon within the beauty community through its unwavering commitment to self-expression, inclusion, and clean ingredients. The brand’s founding team—Mazdack Rassi, Dianna Ruth, Georgie Greville, and Zanna Roberts Rassi—secured early backing from Main Post Partners and ACG Partners, fueling rapid market penetration.

Milk Makeup distinguishes itself through vegan, cruelty-free formulations and a portfolio exceeding 300 products. The brand has secured significant distribution through Sephora locations across North America, Europe, the Middle East, and Australia, alongside strategic partnerships with Cult Beauty and Selfridges in the United Kingdom.

Strategic Rationale: The Platform Advantage

Waldencast’s operating model delivers measurable advantages to its portfolio brands:

• Global Scale with Local Agility: Brands leverage multi-brand operational infrastructure while maintaining entrepreneurial responsiveness
• Category Diversification: Balanced portfolio composition mitigates exposure to category-specific market fluctuations
• Asset-Light Operations: Efficient capital deployment enables rapid scaling without proportional cost increases
• Industry Expertise: Management draws decades of accumulated experience from leading beauty and consumer businesses

The platform approach allows Obagi Skincare and Milk Makeup to retain their ownership structures and brand leadership while accessing resources that would be prohibitively expensive for independent operators.

Board Composition: Diverse Expertise Guiding Growth

The Board of Directors reflects intentional diversity across industry sectors and functional expertise:

• Felipe Dutra (Executive Chairman)
• Michel Brousset (CEO and Director)
• Sarah Brown
• Aaron Chatterley
• Simon Dai
• Juliette Hickman
• Lindsay Pattison
• Cristiano Souza
• Zack Werner

Forward-Looking Considerations

The successful public listing establishes a foundation for Waldencast’s stated objectives: identifying, acquiring, and scaling emerging brands aligned with consumer values of sustainability, inclusivity, and transparency. The combined entity positions itself as the preferred partner for next-generation brands and consumers seeking alignment between purchasing decisions and personal values.

The merger consolidation underscores broader industry trends toward platform-based ownership models that balance scale economics with brand autonomy—a structural approach increasingly adopted by leading consumer and beauty sector operators.