November 2023

Olaplex’s woes have continued into the third quarter. The hair care brand, once the category’s darling, culminating in a 2021 IPO, has seen sales proceed to slip. Net sales for the quarter ended Sept. 30 fell 30 percent year-over-year to $123.6 million. Specialty retail, previously the brand’s largest channel, saw sales fall 41.8 percent from the prior 12 months, to $43.2 million. Skilled and direct-to-consumer channels were $48.3 million and a $32.1 million within the quarter, respectively.  Net income fell 66.5 percent to $20.4 million, and adjusted net income dipped 54.5 percent to $33.4 million, for the quarter. The corporate has narrowed its guidance, expecting $450 million to $460 million in net sales for the complete 12 months. Olaplex had previously projected $445...