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Bond-building haircare brand Olaplex has appointed a new CEO to replace JuE Wong, who is exiting the company after a turbulent three years during which it has struggled with stagnating sales.
Amanda Baldwin, who was most recently CEO of skincare brand Supergoop and previously worked at LVMH and Estée Lauder Companies, will take up the role in early 2024. John Bilbrey, executive chair of the Olaplex board, will serve as interim CEO during the transition period.
Baldwin has been CEO of Supergoop since 2016. Before that, she was CMO and senior VP at L Catterton for four years. Her CV also includes stints at Dior Beauty, Estée Lauder and McKinsey & Co.
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Olaplex has faced a number of setbacks: last year the brand faced allegations about using potentially harmful ingredients in its products, forcing the brand to launch a PR offensive to “thwart negative narratives” and put an end to misinformation about its products.
This was followed by a slowdown in growth amid increased competition. This has continued into 2023: for the second quarter ending 30 June, sales tumbled 48.2 per cent year on year to $109.2 million. At the time, Wong said sales were below expectations and reduced its fiscal 2023 outlook. Its share price is down 92 per cent since its listing in September 2021.
The science-backed haircare market is becoming increasingly saturated, as brands including Augustinus Bader, Dr Barbara Sturm, The Ordinary and The Inkey List expand their offering into hair and scalp care. Other haircare brands, such as K18 — which launched in 2020 and offers bonding and repair solutions — are also squeezing Olaplex’s share of the market.
Olaplex said Baldwin’s appointment would help it to reposition for long-term growth. “Amanda is a leader in growing prestige beauty brands and we are delighted to welcome her as CEO of Olaplex,” said Bilbrey in a statement. “She is an effective and creative brand builder who deeply understands consumer insights and analytics. Her valuable mix of strengths across marketing, product development and execution make her the ideal person to position Olaplex for long-term success.”
On Wong’s departure, he added: “We greatly appreciate her collaborative partnership and wish her all the best in the future. [Wong] has been an industry leader and committed champion of the Olaplex brand over the past three years — creating market interest in the wholly new bond-building space within the prestige beauty category while guiding the company through major milestones including navigating our initial public offering and scaling Olaplex to an international brand.”
“I see tremendous opportunity to help the brand and the business reach their full potential by further deepening engagement with stylists, retailers and consumers through breakthrough product innovation, sharp storytelling and a dynamic global omnichannel strategy,” said Baldwin.
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