| | | | | |
| Name of Subsidiary | Jurisdiction of Formation |
| Milk Makeup Europe, S.L.U. | Spain |
| Milk Makeup LLC | U.S., Delaware |
| Milk Makeup UK Limited | England & Wales |
| Obagi AsiaPac Limited | Hong Kong |
| Obagi Blue Sea Holding, LLC | Cayman Islands |
| Obagi Holding LLC | U.S., Delaware |
| Obagi Cosmeceuticals LLC | U.S., Delaware |
| Obagi Global Holdings Limited | Cayman Islands |
| Obagi Holdco 1 Limited | Jersey |
| Obagi Holdco 2 Limited | Jersey |
| Obagi Holdings Company Limited | Cayman Islands |
| Obagi Netherlands B.V. | The Netherlands |
| Obagi Viet Nam Import Export Trading MTV Company Limited | Vietnam |
| Waldencast (Thailand) Co., Ltd. | Thailand |
| Waldencast Canada Limited | Canada |
| Waldencast Cayman LLC | Cayman Islands |
| Waldencast Finco Limited | Jersey |
| Waldencast Malaysia SDN. BHD. | Malaysia |
| Waldencast Partners LP | Cayman Islands |
| Waldencast Singapore Pte. Ltd. | Singapore |
| Waldencast UK Operations Limited | England & Wales |
| Waldencast Vietnam Limited | Vietnam |