Net sales decreased 34.9% to $458.3 million for the year ended Dec. 31, 2023. Net sales in the US fell 47.8% and 18.3% internationally. By channel, professional fell 40.1%; Direct-To-Consumer dropped 15% and specialty retail declined 42.6%.

“Our fourth quarter results were in line with our expectations and represent another positive step towards stabilizing our demand trend. I am confident in the strong foundation of the Olaplex brand and believe that our priorities for the year ahead will position the company to return to consistent sales and profit growth,” CEO Amanda Baldwin said upon release of the results.

Baldwin joined Olaplex in 2024. She took the keys to the c-suite from John “JP” Bilbrey, executive chair, who stepped in as interim CEO after the departure of JuE Wong.

Olaplex may not have stopped the bleeding, but things were looking better as first quarter results showed a slowdown in the rates of decline.

“Our first quarter results represent progress on the business transformation plan that we outlined earlier this year. I am encouraged with our performance to date and believe we are well-positioned to achieve our goals for 2024,” Baldwin said in a statement.

Compared to the same period in the year prior, Q1 net sales decreased 13.1%. The professional channel dropped 19.9%, specialty fell just 1.2% and DTC slid 15.7%.

Overall, net sales rose 2.5% in the US, which was offset by a 24.3% decline internationally in Q1.

On May 3, CFO Eric Tiziani stepped down from his post. Paul Kosturos, a financial executive with more than 30 years of experience, is serving as interim CFO until Olaplex finds a new financial head.

Last year, Olaplex took aim at the plethora of “dupes” of its popular bonding products. The company launched a fictitious “Oladupé” product with an unboxing campaign featuring more than 100 earned and paid influencers. Just a few days after it dropped, there were more than 5.5 million views of the hashtag #oladupe. The campaign won marketings accolades.

Sales: $704 million

Sales increased nearly 18% last year to $704 million. US sales rose 15.4% and international sales jumped nearly 21%.

By channel, professional rose 16% to more than $300 million; specialty retail soared nearly 34% to more than $235 million and D2C was up 3% to more than $168 million. All great news, but Q4 revealed weakness for the hair strengthening brand. Fourth quarter fell more than 25% to about $131 million.

At least some of the decline can be attributed to lawsuits filed late last year and in February 2023. In both cases, plaintiffs charged that certain ingredients used in some Olaplex products caused irritation or posed a hazard to consumers, and that the company engaged in misrepresentation with respect to those products.

Specifically, the February lawsuit, filed by 28 women, claims products caused hair loss, blisters and other conditions. After the lawsuit was filed, dozens of consumers joined the suit. Olaplex is determined to vigorously defend itself in court.

Sales continue to go south in 2023, but CEO JuE Wong isn’t pulling her hair out…yet. Q1 sales fell nearly 39% to about $114 million. In a statement, Wong said:

“While we recognize that we are in the early stages of this plan achieving its intended results, we remain confident that our competitive differentiators and the execution of our priorities will enable Olaplex to return to consistent and sustained sales growth at continued top-tier profitability in the future.”

As part of its reset, she told analysts that one of its priorities is building out its PR capabilities. “By leveraging our social channels, we have been proactively distributing content focused on correcting misinformation about Olaplex in the market.”

In a personnel move, John Keppeler was appointed chief revenue officer and Nabanita Choudhury is the new senior vice president, global D2C.

Sales: $598 million

Olaplex’s growth has been remarkable. In 2019, sales were just below $150 million; in 2021 it was closer to $600 million. The company reported that FY21 sales rose 112%. Net sales growth in US, specifically, rose 131% during that time. Professional increased 65.8%, specialty retail rose 246.6% and DTC jumped 117.1%.

Sales: $309 million (estimated)

Sales are soaring for Olaplex. According to WWD, sales more than doubled last year. Olaplex was founded in 2014 by beauty industry veterans Dean and Darcy Christal, who commercialized a patented technology that protects and repairs hair from damage. Word of “The Power of Olaplex” spread among hair stylists, and the brand quickly became a global sensation, paving the way for a completely new category of hair care called “bond-building.” In November 2019, Advent International agreed to acquire Olaplex. The acquisition was completed on January 8, 2020. The company immediately named JuE Wong as chief executive officer.

“We are honored to announce JuE as CEO of Olaplex,” said Tricia Glynn, a managing director at Advent. “She is a dynamic and experienced leader with a deep knowledge of the lifestyle and beauty industry. Her successful track record of delivering consistent results for brands seeking to grow market share, expand globally and build enduring consumer relationships makes her the right person to drive Olaplex’s ambitious growth plan.”

Wong is a long-time industry executive who most recently served as CEO of Moroccanoil, the global leader in argan oil-infused beauty. She has served in numerous leadership roles throughout her career, developing a strong track record for both propelling emerging beauty and lifestyle businesses and globalizing established brands. Prior to joining Moroccanoil, Wong served as president of Elizabeth Arden, CEO of Strivectin and CEO of Astral Health & Beauty.

“Olaplex has emerged as one of the largest independent hair care brands in the world, and I am thrilled to be joining at such an exciting time for the business,” said Wong. “The brand has successfully differentiated itself and is widely recognized among haircare professionals for creating the bond-building category. I look forward to working with the entire Olaplex team to deepen the brand’s strong customer recognition globally and further develop its ability to speak and sell to consumers directly.”

In an interview earlier this year with WWD, Wong noted that Olaplex thrived during the pandemic because its business is now 50% professional, 25% retail and 25% direct to consumer.

Olaplex is winning in salons; but courts are another matter. The US Court of Appeals for the Federal Circuit vacated a $66 million judgement that Olaplex had won against L’Oréal for trade secret misappropriation, breach of a non-disclosure agreement and patent infringement.