Waldencast SPAC

New consumer trends and technology are driving an explosion of new independent brands Clear opportunity to aggregate emerging brands under a new platform to accelerate growth and scale → COLGATE-PALMOLIVE L ESTEE LAUDER +63 bps (21) bps Unilever (57) bps P&G MW (234) bps L'ORÉAL Highly fragmented market with growth driven by independent brands '21 market share and change ('15-'21)¹ 3% 4% 7% 8% +71 bps 10% Disruptor brands are gaining market share and driving sector growth 68% 1 Euromonitor International; Beauty & Personal Care, 2022ed, retail value sales, current prices, 2021 fixed ex rates Note: bps indicates market share change from 2015 to 2021 Others +177 bps Fragmented industry Top 5 players represent only 32% Not a "winner takes all" market Expandable consumption category Emerging players driving growth and gaining market share 6

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