Waldencast has sold Obagi Medical, the 38-year-old professional skincare brand founded by dermatologist Zein Obagi, to private equity firm Bridgepoint Group for $460 million as the lines between beauty, aesthetics and wellness continue to blur.

True Beauty Ventures believes beauty’s next generation of winners will be brands with deep category authority, clinically informed positioning, disciplined growth and focused product assortments rather than sprawling lifestyle ecosystems.

In a challenging funding environment for color cosmetics, Violette_FR has raised $5 million from a tight circle of existing backers, demonstrating their conviction that the brand could be an eventual winner when appetite for deals in the category picks up.