Waldencast has sold Obagi, lost its founders to the buyer, and plans to leave Nasdaq. Milk Makeup is now the remaining core business, but its sales have fallen 57%.
6:37 AMFortune1 story from 1 source
Sunday, October 4, 2026
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6:37 AMFortune
Former L’Oréal execs set out to build a $1.2 billion beauty empire. Now all that’s left is Milk Makeup, and its sales just fell 57%
Summary
Waldencast has sold Obagi, lost its founders to the buyer, and plans to leave Nasdaq. Milk Makeup is now the remaining core business, but its sales have fallen 57%.
The beauty roll-up has effectively unwound, leaving Waldencast dependent on a shrinking Milk Makeup rather
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The collapse shows how quickly a consolidation strategy can lose value when its remaining brand cannot offset the sale of its stronger assets.
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