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10 Bank Street, White Plains, NY 10606, United States
Waldencast is a holding company and investment fund that incubates and accelerates early stage beauty and wellness brands and helps them rapidly create scale and profitability via industry specific operational expertise. Waldencast invests in brand-led business models and goes beyond traditional incubation and acceleration to develop a collective of innovative and unique brands that place responsible entrepreneurship at the heart of its operations. Waldencast has offices in New York and London and has an investment portfolio in North America, Europe, and Latin America.
The selection of brands to participate in the community is as much driven by the strength of the brand concept and business model as it is by our shared human and social values: sustainability, responsibility, inclusivity. We believe brands that marry purpose, art, beauty, and design with industry and commerce to make the planet and the lives of those in it better.
Individuals that are part of the Waldencast collective are as much driven by the strength of the brands’ ideas, as it is by sharing our dreamer/maker values: ambition with humility, idealism with practicality, grit with empathy, vision with action.
We have the spirit of a challenger, a disruptor, a game-changer. We are a start-up and we intend to stay in the attitude of a start-up regardless of our success.
In February, Waldencast announced the formation of a new Creative Council, an interdisciplinary team of “industry disruptors” who will come together to help Waldencast stay ahead of the curve by ideating on long-term macro and micro-trends in the beauty and wellness industry, and to ensure the company evolves to meet customer needs now and in the future. The Creative Council is led by Mazdack Rassi, co-founder and chief brand officer at Milk Makeup and newly-appointed global brand director at Waldencast. Obagi Cosmeceuticals announced the appointment of Dr. Suzan Obagi as the company’s first chief medical director. She is a leading board-certified dermatologist and cosmetic surgeon, recognized for her groundbreaking contributions to the fields of dermatology, cosmetic surgery and skin care.
In January, Waldencast announced that Manuel Manfredi joined the company as chief financial officer. Manfredi comes to Waldencast with a proven track record of performance having led financial organizations in the beauty and consumer products industries for nearly 25 years.
Sales: $256 million
Waldencast is determined to build a global best-in-class beauty and wellness platform. The first step in that plan was combining Obagi and Milk Makeup. Together, the two brands have combined sales of $256 million, according to Happi’s estimates.
According to CEO Michel Brousset, Obagi is broadly recognized for its clinical excellence, science-backed approach, and strong sense of purpose, as well as its 35 years of leadership in delivering transformative skin care to all. It is ranked No. 1 by US dermatologists, plastic surgeons and other medical practitioners.
Brousset called Milk Makeup “a cult beauty brand for Gen Z,” and a leader in clean beauty that has grown organically through a diverse and inclusive community. It is known for its cultural relevance and iconic products.
Brousset told Happi that Obagi and Milk Makeup’s values and culture align with Waldencast.
“They are complementary brands with the ability to continually innovate and connect with their customers and communities in authentic and relevant ways, and both have leadership positions in their very attractive industry segments,” he explained.
Waldencast has not released 2022 results. The company blames the delay on an ongoing internal analysis pertaining to, among other things, certain accounting issues in connection with the sale of certain Obagi Cosmeceuticals LLC products for the Vietnam market.
Waldencast started with Obagi and Milk Makeup, but more acquisitions are sure to follow, according to company executives.
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