A $1.2 billion deal meant to launch a global beauty empire has shrunk to an attempt to revive one struggling makeup brand whose sales are plunging.
In early 2021, Michel Brousset, the former group president of L’Oréal’s Consumer Products Division in North America, and fellow beauty executive Hind Sebti launched Waldencast Acquisition Corp. It was a special purpose acquisition company that went public at the height of the SPAC frenzy.
