Who Owns Milk Makeup?
Updated onExplore the ownership hierarchy of Milk Makeup. See parent companies, holding structures, and ultimate controllers.
Ownership Chain
Milk Makeup is a New York City–born cosmetics and skincare brand offering 100% vegan, cruelty‑free, clean, multitasking makeup and skin products sold direct-to-consumer and at retailers like Sephora.
Starts at $20
Waldencast plc
Waldencast plc is a publicly traded, White Plains–based multi-brand beauty and wellness platform that develops, acquires and scales purpose-driven beauty brands including Obagi Medical and Milk Makeup.
Milk Makeup is a New York City–born cosmetics and skincare brand offering 100% vegan, cruelty‑free, clean, multitasking makeup and skin products sold direct-to-consumer and at retailers like Sephora.
Starts at $20
Waldencast plc
Waldencast plc is a publicly traded, White Plains–based multi-brand beauty and wellness platform that develops, acquires and scales purpose-driven beauty brands including Obagi Medical and Milk Makeup.
Major Shareholders
Milk Makeup
Major Shareholders
| Name | Type | Ownership | Voting | As of |
|---|---|---|---|---|
Waldencast plc Publicly traded beauty platform (NASDAQ: WALD) that acquired Milk Makeup LLC in the July 27, 2022 business combination and now holds it as a wholly-owned subsidiary. | Corporate | 100.0% | 100.0% | Jul 2025 |
Sijue Dai Largest disclosed shareholder of Waldencast plc with roughly 25% of its outstanding shares, giving a significant indirect economic interest in Milk Makeup through Waldencast. | Individual | — | — | Dec 2025 |
Zeno Equity Partners LLP London-based investment firm and major Waldencast shareholder (about 11% of shares), providing substantial indirect exposure to Milk Makeup via its stake in Waldencast. | Institutional | — | — | Dec 2025 |
Santa Venerina Inv. & Arbitrage Ltd. Private investment company holding just under 9% of Waldencast plc, making it one of the larger indirect owners of Milk Makeup. | Institutional | — | — | Dec 2025 |
Waldencast Long-Term Capital LLC Waldencast-affiliated investment vehicle and sponsor entity that owns around 8% of Waldencast plc, and thus a meaningful indirect stake in Milk Makeup. | Institutional | — | — | Dec 2025 |
Waldencast plc
Major Shareholders
| Name | Type | Ownership | As of |
|---|---|---|---|
Sijue (Simon) Dai Director on Waldencast’s board and largest known shareholder, with approximately 28.6 million shares (~25.3% of outstanding), based on third‑party ownership data compiled from SEC filings as of December 16, 2025. | Individual | 25.3% | Dec 2025 |
Zeno Equity Partners LLP London‑based investment firm and hedge fund; files a joint Schedule 13D with its controlling shareholder Cristiano Souza for Waldencast and is reported holding about 12.25 million shares (~10.8%) after amendments filed July 31, 2025, and reflected in recent ownership tables. | Institutional | 10.8% | Dec 2025 |
Santa Venerina Inv. & Arbitrage Ltd. Bahamas‑incorporated investment company that reported beneficial ownership of 10,000,000 Class A ordinary shares of Waldencast on a Schedule 13G (initially ~9.9% of the class) and is shown with an ~8.9% stake in more recent consolidated shareholder tables. | Institutional | 8.8% | Dec 2025 |
Waldencast Long-Term Capital LLC Sponsor‑related investment vehicle for Waldencast, associated with founder/CEO Michel Brousset and early backers; disclosed as a 10%+ owner in Schedule 13D filings and currently estimated at about 9.3 million shares (~8.2%) of Waldencast per updated ownership breakdowns. | Corporate | 8.2% | Dec 2025 |
Burwell Mountain Trust Family trust (through trustee Burwell Mountain PTC LLC) that was an anchor investor and member of Waldencast’s SPAC sponsor group; its initial Schedule 13D reported roughly 11.8 million shares (~13.1%) in 2022, with subsequent dilution and issuances leaving it at about 7.85 million shares (~6.9%) in recent shareholder data. | Family | 6.9% | Dec 2025 |
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