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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%
Waldencast sold Obagi, lost its founders to the buyer, and is leaving Nasdaq. What's left is a makeup brand whose sales fell by more than half.
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Key points
- Milk Makeup's net revenue fell 57.1% to $26.1 million in the first half of 2026, swinging to a $14.8 million adjusted EBITDA loss.
- Waldencast sold Obagi Medical to Bridgepoint for up to $460 million, took a $52.3 million goodwill impairment, and filed to delist from Nasdaq.
- The company said cofounders are back leading Milk's creative direction, and it held $138.6 million in cash as of Aug. 31.
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