Waldencast, the parent company of the prestige cosmetics brand Milk Makeup and clinical skincare line Obagi, reported 27.5 percent comparable net revenue growth in its 2024 fiscal year.
The company said on Tuesday that the year’s net revenue reached $273.9 million, buoyed by the viral popularity of Milk Makeup’s Cooling Water Jelly Tint Blush + Lip Stain and Obagi Medical’s growth in doctor-led and e-commerce channels. Milk Makeup, founded in 2016 in New York, grew revenues 32 percent during the fourth quarter alone thanks to its March debut in Ulta Beauty.
However, sales projections, like those in several other beauty companies’ recent earnings reports, predict a deceleration in 2025. Net revenue growth is expected to remain in the double with a “mid-teens” range increase for the year. Growth in the first quarter will be “relatively flat” due in part to retailers’ inventory adjustments.
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Milk Makeup Owner Waldencast Reports 25.7% Q2 Growth
For its second-quarter earnings results for the three months ending on Jun. 30 reported, the parent company of Milk Makeup announced 25.7 percent net revenue comparable growth, up from 21 percent in the first quarter.